TR Question 8: Reporting to TRs: delegation [last update 1 November 2017]
Article 9 of EMIR - Reporting to TRs: delegation
(a) Are there general provisions in place how the outsourcing has to be organized in case a third party is used for reporting? Might there be different criteria for that outsourcing, depending on the home member state of the outsourcing entity?
(b) Is it possible to delegate the generation of the UTI?
TR Answer 8
(a) There are no specific rules on how this should be performed although legal documentation is recommended (e.g. written agreement between party responsible for reporting and the report submitting entity, even if also under the duty to report, such as the other counterparty or the CCP). EMIR provisions should be respected (timely and accurate reporting, etc.) and the counterparties shall remain liable for any misreporting by third entities they rely upon.
(b) Yes.