Article 12 of the RTS on OTC derivatives

Article 11 of EMIR - Timely confirmation

(a) Does confirmation refer to (1) the sending part (i.e. each party must meet the deadline to send the confirmation to the other party) or (2) the signature or matching part (i.e. both parties must meet the deadline to sign or match the confirmation). Is negative affirmation allowed?

(b) What is the definition of "where available by electronic means?"

(c) Does the timely confirmation requirement apply only to the conclusion of the original contract or does it also apply to subsequent amendments to that contract (e.g. novation, result of portfolio compression)?

(d) Under what circumstances does the provision for later confirmation of transactions "with a counterparty located in a different time zone which does not allow confirmation by the set deadline" apply?

(e) For the purposes of the confirmation time limits, how should the term "business day" be interpreted for transactions between two different jurisdictions?

(f) What is the reference point in time from which the confirmation deadline applies?