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March 13, 2013

Conforming to EMIR Confirmations

Michael Beaton over at "Regulatory Reform" has outlined the relevant to-dos for complying with ESMA's "timely confirmation" requirement. Although ESMA wants all required preparations to be in place this Friday (March 15th) – including a regular notification of the national competent authority on outstanding confirmations – the FSA has already said that a pro-active notification is not asked for. Then again, in Germany the "EMIR-Ausführungsgesetz" has entered into force amending certain legislative text (incl. the WpHG) and states a fine of up to 500k EUR for not complying with the timely confirmation requirement. http://regulatoryreform.wordpress.com/2013/03/12/conforming-to-emir-confirmations/


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