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]
(a) Which of the reportable details specified in the Annex to the Regulation (EU) 2017/104 should be provided by the NFC- (which decides not to report itself) to the FC to enable the latter to report on behalf of the NFC- pursuant to the Article 9(1a) of EMIR as amended by EMIR REFIT?
(b) How should a FC proceed if the NFC- which decides not to report itself does not duly renew its LEI and therefore the reports submitted on its behalf are rejected by a Trade Repository?
(c) How should a FC proceed if an NFC that has been classified as an NFC+ changes its status to NFC- and decides not to report itself, but fails to timely inform the FC of this fact?
(d) Howshould FC and NFC- proceed if they report to two different TRs? Do they need to onboard to the TR of their counterparty?
TR Answer 54
(a) According to Article 9(1a) of EMIR as amended by EMIR REFIT, the NFC-should provide the FC with the details of the OTC derivative, which the FC cannot be reasonably expected to possess.
It is understood that the FC cannot not be expected to possess the reportable details characterising the NFC-itself (e.g. sector of the counterparty) nor the details of the execution and clearing arrangements entered into by the NFC itself (e.g. identity of the NFC’s broker or of the NFC’s clearing member).