ISDA Focus: European Market Infrastructure Regulation (EMIR)

 EMIR Counterparty Classification Tool

(opens Markit ISDA Amend site in separate window)

EMIR PROTOCOLS

ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol

ISDA 2013 EMIR NFC Representation Protocol

 

 EMIR LINKS - FREQUENTLY USED DOCUMENTATION

Reporting Guidance Note - July 19, 2013

Timely Confirmations Standard Wording and Explanatory Memorandum - March 14, 2013

ISDA Standard Amendment Agreement - 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Form

ISDA/FOA EMIR Reporting Delegation Agreement (January 13, 2014).

EMIR WEBINARS AND MEMBER CALLS

Market Education Webcast on EMIR COUNTERPARTY CLASSIFICATION TOOLOctober 18, 2013
Replay of the presentation, for members and non-members. Click here to download slides.

Market Education Webcast on the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and Reporting Guidance Note – September 16, 2013
Replay of the presentation, for members and non-members. Click here to download slides.

Market Education Webcast on the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and Reporting Guidance Note – September 10, 2013
Replay of the presentation, for members and non-members.

Recording of a Conference Call on the EMIR NFC Representation Protocol — March 20, 2013
Audio only.

Your EMIR Obligations: an ISDA Member Call — January 10, 2013
(login required, call in Member Call Archive)

ISDA & EMIR

ISDA is an active participant in discussions with European legislators regarding the proposal for European Market Infrastructure Regulation (EMIR). ISDA supports a resilient and efficient market infrastructure that will serve to reduce risk via clearing, increased use of trade repositories and sound bilateral risk management processes. Below find the latest comment letters, press releases and publications pertaining to EU regulatory developments.

Conferences will be held in London on September 18 and September 25 outlining various documents published as part of ISDA’s ongoing initiatives to facilitate EMIR compliance, obligations under EMIR, and looking at some of the responsibilities of market participants.  These full day conferences are open to both ISDA members and non-members.

 


DateTitle / DescriptionDocuments
May 15, 2014
ISDA/FIA Europe Cleared Derivatives Execution Agreement
The non-US, English law Cleared Derivatives Execution Agreement is a template for use by market participants in negotiating execution-related agreements with counterparties to swaps that are intended to be cleared. The document is intended to facilitate the entry into of derivatives transactions and the clearing of such transactions with one or more CCPs located outside of the US and can be used in conjunction with the ISDA/FOA Client Clearing Addendum.
ISDA_FIA_Europe_Execution_Agreement_Final.doc
February 17, 2014
FOA/ISDA Article 39(7) Clearing Member Disclosure document (including UK Insolvency analysis)
This document facilitates clearing members’ compliance with certain of their obligations under Article 39(7) of EMIR. The document has been made available to allow clearing members to use it in its current form; however, the document may be subject to change. We intend to obtain views on this document from buyside members in the near future. The form of FOA/ISDA Article 39(7) Clearing Member Disclosure document was updated on 17 February 2014 to reflect the recent ESMA Q&As and some feedback received from the Bank of England. We have also corrected some typos; a blackline showing the changes is posted alongside this document.
FOA_ISDA Disclosure document (final - for publication) - blackline (19022014).pdf FOA_ISDA Disclosure document (final - for publication) - clean (19022014).docx FOA_ISDA Disclosure document (final - for publication) - clean (19022014).pdf
February 4, 2014
Reference Materials - ISDA Protocol and EU/US Comparison
Overview_of_USEU_Reforms_Final.pdf Protocol_Relevance_Final.pdf
January 13, 2014
ISDA/FOA EMIR Reporting Delegation Agreement
This document is intended to help market participants meet their reporting obligations by providing a bilateral standard form of reporting delegation agreement whereby a Reporting Delegate may, on the Client’s behalf, report relevant data to a trade repository or ESMA.
ISDA_FOA_EMIR_Reporting_Delegation_Agreement_FINAL.doc
October 18, 2013
Portfolio Compression EMIR Operations Market Practice Guidance
Provides operational guidance for portfolio compression imposed by EMIR which came into effect on 15th September. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advise
EMIR Portfolio Compressions Market Guidance - FINAL 18 10 14.pdf ISDA Portfolio Compression Strawman FINAL 18 10 14.pdf Portfolio Compression Feasibility Matrix - v FINAL 18 10 14.pdf
October 11, 2013
Dodd-Frank March 2013 Protocol (DFP2) to EMIR Top Up Agreement
**ISDA has updated the DFP2 to EMIR Top Up Agreement as of 11th October 2013 to correct some minor typographical errors. The updated version and blackline are posted here.** On September 10, ISDA published the DFP2 to EMIR Top Up Agreement. This document seeks to allow for EMIR-compliant documentation for parties that have adhered to the Dodd-Frank March Protocol (“DFP2”) and do not wish to adhere to the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol (“EMIR Protocol”) in addition to this. The explanatory memo is provided to assist in your consideration of the DFP2 to EMIR Top Up Agreement. This document is designed to facilitate compliance with EMIR and Dodd Frank - this document extends DFP2 to cover EMIR compliance “add-ons”.
EMIR PORTFOLIO RECONCILIATION, DISPUTE RESOLUTION AND DISCLOSURE_Explanatory_Note.pdf DV - ISDA top up Sept vs Oct.doc ISDA DF2_EMIR_top_up_bilateral_agreement_Final - Oct correction.doc
September 16, 2013
ISDA 2013 EMIR Portfolio Rec, Dispute Resolution and Disclosure Protocol
Slides from the ISDA 2013 EMIR Portfolio Rec, Dispute Resolution and Disclosure Protocol webcast held on 16.09.13
ISDA_PRDRR_Reporting_Webinar_16.09.13.pdf
September 16, 2013
ISDA-BBA response to the ESMA CP “Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR”
On September 16, ISDA and BBA submitted their response to the ESMA consultation paper entitled “Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR”
ISDA_BBA_Direct__Foreseeable_Substantial_Consultation_Response RTF_16.09....pdf
September 12, 2013
Final ISDA-BBA response to the ESMA DP on the Clearing Obligation
ISDA and the BBA respond to the ESMA Discussion Paper on the Clearing Obligation under EMIR published on July 12, 2013 related to the preparation of the regulatory technical standards.
ISDA BBA response to ESMA DP on Clearing Obligation 12 Septem.pdf
September 10, 2013
Portfolio Reconciliation EMIR Operations Guidance Note
Provides operational guidance for portfolio reconciliation and dispute resolution obligations imposed by EMIR which come into effect on 15th September. Also includes guidance on a minimum set of fields for portfolio reconciliation purposes. Please note that these materials have been prepared and published for informational purposes only and should not be construed as legal, accounting, tax or other professional advice.
EMIR Portfolio Reconciliation Operational Guidelines pre-publication v 10 09 13 FINAL FINAL.pdf Minimum Port Rec fields for EMIR v 09 09 13 FINAL.xlsx