Towards the end of 2013, reports on the delegation began to circulate, although distributors were not required to provide reporting services, they were rightly unilateral and many counterparties had to choose to accept unfavourable conditions and set up the reporting infrastructure. Unlike the dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the EMIR regulation does not apply a hierarchy to reports. Therefore, an EU fund or a single entity is subject to the notification requirement, whether it is acting with another EU company, an EU bank or even a TCE counterparty (for example. B an American bank). The transfer of the reporting obligation to a counterparty or third party is authorized by EMIR (although the liability for the misrepresentation remains within the purview of the delegated counterpart) and buy-side counterparties can expect their dealers counterparties to offer this service. However, merchants are not required to do so and traders` attempts to compensate, on the one hand, the desire to help their customers through their obligations by offering a delegated advertising service, against the desire to protect themselves from liability in this regard, have led traders to hesitate to offer delegated reporting services. , although isDA published a report guide in July 2013 out of the sample`s language for this purpose. The notification requirement is the latest in a series of obligations imposed on derivatives counterparties in Europe under the European Market Infrastructure Regulation (EMIR), which came into force in August 2012 in response to commitments by the European Union to subject the derivatives market to stronger regulation. The GDR is an autonomous reporting delegation agreement, which is governed by English law4. Overall, it envisages that one party (the “Reporting Delegate”) will transmit certain data (“relevant data”) to a central repository agreed upon by the parties (the “relevant commercial repository”) on behalf of the other party (the “customer”), with respect to certain derivative transactions (“relevant transactions”). The Association of European Financial Markets (AFME), Future Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association, Inc.
(ISDA) and the International Securities Lending Association (ISLA) have published a new agreement to facilitate reporting on various regulatory systems in the European Union. There is also an additional 180 days from the reference date for reporting evaluation and support data; although this information is not reported by NFC-s. While this provision may be advantageous for counterparties subject to the EMIR reporting system, but whose derivative contracts are also declared under Dodd-Frank, it will not be available until the European Commission adopts an enforcement act in which Dodd-Frank`s reporting regime complies with the EMIR regulation.