Nailing the LEIs – How EMIR Trade Reporting Obligations Will Affect UCITS and Alternative Investment Funds

February 10, 2014

The European Market Infrastructure Regulation (Regulation No. 648/2012), known as “EMIR”, requires entities that transact derivatives to report prescribed details of any financial derivative instruments (“FDIs”) they conclude with record keepers known as trade repositories1.The reporting obligation commences on 12 February 2014 (“Reporting Deadline”) and applies to all financial counterparties and non-financial counterparties.

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1To date six trade repositories have been approved by ESMA, namely DTCC Derivatives Repository Ltd. 1(DDRL); Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW); Regis-TR S.A.; UnaVista Ltd; CME Trade Repository Ltd. (CME TR) and ICE Trade Vault Europe Ltd. (ICE TVEL).