Table of Contents
Questions and Answers - Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) (ESMA70-1861941480-52) (updated 2 February 2024)1. Background2. Purpose3. Status4. Questions and answers (updated 2 February 2024)General Questions [Last update: 15 July 2019]General Question 1: Funds, counterparties [Last update: 12 July 2018. This version is applicable until 17 June 2020]General Question 1: Funds, counterparties [Last update: 15 July 2019, this version shall apply from 18 June 2020]General Question 2: Principal-to-principal model [Last update: 5 August 2013]General Question 3: Status of counterparties covered by AIFMD [last update 21 May 2014]General Question 4: Authorised or registered AIFMs [last update 21 May 2014]Part I: OTC Derivatives [Last update: 19 November 2021]OTC Question 1: Definition of OTC Derivatives [last update 21 December 2020]OTC Question 2: Procedure for FC and NFC to notify that they exceed or no longer exceed clearing threshold [last update 2 October 2019]OTC Question 3: Calculation of the clearing threshold [last update 19 November 2021]OTC Question 4: Responsibility for the status of counterparties [last update 2 October 2019]OTC Question 5: Timely confirmation [last update 5 August 2013]OTC Question 6: Intragroup transactions [last update 10 July 2017]OTC Question 7: Public Register [last update 21 May 2014]OTC Question 8: Reporting of unconfirmed trades for more than 5 business days [last update 4 June 2013]OTC Question 9: Notional amounts [last update 2 October 2019]OTC Question 10: Hedging definition [last update 19 November 2021]OTC Question 11: Portfolio Compression [last update 4 June 2013]OTC Question 12: Risk Mitigation techniques for OTC derivative contracts not cleared by a CCP [last update 20 March 2014]OTC Question 13: Status of entities not established in the Union [last update 2 October 2019]OTC Question 14: Portfolio Reconciliation [last update 20 December 2013]OTC Question 15: Dispute Resolution [last update 5 August 2013]OTC Question 16: Pension Scheme exemption from the clearing obligation [last update 31 March 2015]OTC Question 17: Frontloading requirement for the clearing obligation [last update 15 July 2019]OTC Question 18a: Indirect clearing [last update 11 February 2014]OTC Question 18b: Indirect clearing [Last update 14 December 2017, applicable from 3 January 2018]OTC Question 19: Classification of non-EU Central Banks [last update 21 May 2014]OTC Question 20: Clearing obligation [last update 2 October 2019]OTC Question 21: Responsibility [last update 31 March 2015]OTC Question 22: Conditions [last update 31 March 2015]OTC Question 23: Effect on existing trades [last update 31 March 2015]OTC Question 24: Categories of counterparties [last update 2 June 2016]OTC Question 25: Clearing start date for Category 3 and 4 [last update 28 May 2019, applicable from 17 June 2019]Part II: CCPs [Last update: 7 January 2020]CCP Question 1: Most relevant currencies for the determination of participation in a college [last update 20 March 2013]CCP Question 2: Collateral requirements and recording of client assets [last update 20 March 2013]CCP Question 3: Default management [last update 4 February 2016]CCP Question 4: Deposit of financial instruments [last update 5 August 2013]CCP Question 5: Review of models, Stress-testing and back-testing [last update 20 March 2013]CCP Question 6: Authorisation of a CCP [last update 31 March 2015]CCP Question 7: Capital [last update 4 June 2013]CCP Question 8: Segregation and portability [last update 31 March 2015]CCP Question 9: Margin requirements [last update 3 December 2018]CCP Question 10: Outsourcing [last update 4 June 2013]CCP Question 11: Investment Policy [last update 11 February 2014]CCP Question 12: Default Fund [last update 11 February 2014]CCP Question 13: Organisational requirements [last update 21 May 2014]CCP Question 14: Definitions [last update 5 August 2013]CCP Question 15: Allocation of additional resources [last update 5 August 2013]CCP Question 16: Transparency [last update 11 February 2014]CCP Question 17: Limited exposures of Clearing Members [last update 11 February 2014]CCP Question 18: Use of margins posted by non-defaulted Clearing Members [last update 11 February 2014]CCP Question 19: Application of the exemptions to Title IV of EMIR [last update 11 February 2014]CCP Question 20: Risk Committee [last update 21 May 2014]CCP Question 21: Prudential Requirements [last update 21 May 2014]CCP Question 22: Ongoing monitoring of collateral requirements [last update 2 October 2017]CCP Question 23 - Access model [Last update 7 January 2020]Part III: Trade repositories [Last update: 23 March 2023]TR Question 1: Classification of financial instruments [last update 24 September 2020]TR Question 2: TR registration [last update 20 March 2013]TR Question 3a: Reporting of collateral [Last update: 14 December 2017, this version shall apply from 1 November 2017]TR Question 3b: Reporting of valuations [last update 21 September 2021]TR Question 4: Reporting of outstanding positions following the entry into force of EMIR (Backloading) [last update 15 July 2019]TR Question 5: Exchange traded derivatives [last update 1 November 2017]TR Question 6: Reporting to TRs: Cleared trades [last update 1 November 2017]TR Question 7: Reporting to TRs: Avoidance of duplication [last update 15 July 2019]TR Question 8: Reporting to TRs: delegation [last update 1 November 2017]TR Question 9: Reporting to TRs: Table of fields [last update 23 March 2023]TR Question 10: Codes [last update 1 November 2017]TR Question 11: Frequency of reports [last update 8 July 2020]TR Question 12: Field "Maturity" [last update 29 May 2018]TR Question 13: Intragroup transactions [last update 15 July 2019]TR Question 14: Transactions within the same legal entity [last update 2 October 2019]TR Question 15: Subsidiaries of non-EU entities [last update 5 August 2013]TR Question 16: Collateral portfolio code [last update 1 November 2017]TR Question 17: Position level reporting [last update 2 October 2019]TR Question 18: Reporting to TRs: UTI constructionTR Question 19: Reporting to TRs: UTI generationTR Question 20a: Reporting to TRs: Empty fieldsTR Question 20b: Reporting to TRs: Validations of EMIR reportsTR Question 21: Reporting to TRs: UPI taxonomyTR Question 22: Reporting to TRs: Venues with AII codesTR Question 23: Reporting to TRs: AII code [last update 1 November 2017]TR Question 24: Reporting to TRs: Buy/Sell indicator for swaps [last update 14 December 2017]TR Question 25: Reporting to TRs: Decimal values in fields 15 and 16TR Question 26: Reporting to TRs: Complex ContractsTR Question 27: Reporting to TRs: 'Leg 1' and 'Leg 2' fields [last update 11 February 2014]TR Question 28: Reporting to TRs: Underlying field [last update 29 May 2018]TR Question 29: Reporting to TRs: Field 15 for NFCTR Question 30: Reporting to TRs: MIC codesTR Question 31: Reporting to TRs: Exchange rate [last update 1 November 2017]TR Question 32: Reporting valuations of swaps on structured products [last update 1 November 2017]TR Question 33: Collateralisation field [last update 1 November 2017]TR Question 34: Contracts with no maturity date [this version shall apply from 1 November 2017, Last update: 04 February 2019]TR Question 35: Notional Amount field [last update 1 November 2017]TR Question 36: OTC Derivatives Novations [last updated: 28 May 2019]TR Question 37: Access to Data by the authorities [last update 20 May 2021]TR Question 38: Trades terminated before reporting deadline [Last update: 4 February 2019]TR Question 39: Block trades and allocations [last update 24 October 2014, this version shall apply until 17 June 2020]TR Question 39: Block trades and allocations [last update 24 October 2014. This version shall apply from 18 June 2020.]TR Question 40: LEI changes due to mergers and acquisitions. Up-date of identification code to LEI [Last Update 21 September 2021]TR Question 41: Reporting of notional in position reports [last update 04 February 2016]TR Question 42: Population of the field Clearing Obligation [last update 28 May 2019, applicable from 17 June 2019]TR Question 43: Trades cleared by clearing house which is not a CCP [last update 26 July 2016]TR Question 44: Transition to the new EMIR TS on reporting [Last update 15 July 2019, Paragraphs 1a to 1d of Article 9 apply from 18 June 2020]TR Question 45: Operational aspects of data access [last update 5 February 2018]TR Question 46: Reporting of energy derivatives [last update 29 May 2018]TR Question 47: Reporting of deliverable currencies [last update 29 May 2018]TR Question 48: Reporting of Effective date [last update 29 May 2018]TR Question 49: Reporting of FX swaps [last update 26 September 2018, applicable from 26 September 2019]TR Question 50: Reporting of Confirmation Means. This version shall apply from 1 November 2017. [last update 04 February 2019]TR Question 51: Reporting obligation [last update 31 March 2021]TR Question 52: Notional amount field for credit index derivatives [last update 15 July 2019]TR Question 53: Reporting of reference rates not included in Regulation (EU) 2017/105 [last update 20 May 2021]TR Question 54: Reporting of OTC derivative contracts by the FC on behalf of the NFC-pursuant to the Article 9(1a) of EMIR as amended by EMIR REFIT [last update 28 May 2020]TR Question 55: Reporting on reference entity for cerdit derivatives [last update 24 September 2020]TR Question 56: Correct population of fields ''Execution timestamp'', ''Effective date'' and ''Settlement date'' for Forward Rate Agreements [last update 24 September 2020]TR Question 57: Procedure for terminating ‘dead trades’ by TRs [last update 28 January 2021]TR Question 58: Reporting of the field ‘Delivery type’ for Credit derivatives [last update 20 May 2021]TR Question 59: Inclusion of derivatives in the Trade State Report (TSR) [last update 23 March 2023]Part IV: Reporting to TRs - Transaction scenarios [Date last updated: 21 December 2020]Part V: Reporting to TRs - ETD contracts reporting [Date last updated: 21 December 2020]ETDs Reporting Question 1: Scope of reporting [last update 21 December 2020]ETDs Reporting Question 2: Which parties have to report [last update 26 January 2024]ETDs Reporting Question 3: How should give-ups be reportedETDs Reporting Question 4: Do Partial executions have to be reported separatelyETDs Reporting Question 5: Trade ID and Transaction Reference Number [last update 1 November 2017]ETDs Reporting Question 6: How should time stamps be populated [last update 1 November 2017]ETDs Reporting Question 7: Who should report the value of collateral [last update 1 November 2017]
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Version date: 11 February 2014 - onwards
OTC Question 18a: Indirect clearing [last update 11 February 2014]
Article 4(4) of EMIR and Article 2 RTS on OTC derivatives
Article 4(4) of EMIR and RTS 149/2013 Article 2 - Indirect clearing
Do the provisions of Article 4 of EMIR and Article 2 of Commission Delegated Regulation (EU) No 149/2013 on indirect clearing apply only to products which are subject to the clearing obligation or to all products?
OTC Answer 18a
The fact that the provisions are lodged within Article 4 of EMIR and are said to be for the purpose of meeting the clearing obligation means that that they only apply to OTC derivatives.