UPDATE Mar 22nd: Download the PDF here: ESMA Q&A on EMIR, as ESMA seem to have zapped the original PF with cosmic rays and can't be found on their site. Today, ESMA has published a first set of Q&As on the practical implementation of the standards that entered into force on March 15th. First set meaning that it will be continuously updated:

"This document is intended to be continually edited and updated as and when new questions are received. The date on which each section was last amended is included for ease of reference."

The Q&A document can be found here. 21 Questions in 3 categories (OTC Derivatives, CCPs, Trade Repositories) have been addressed. See below. The purpose of the document is defined as follows:

"The purpose of this document is to promote common supervisory approaches and practices in the application of EMIR. It provides responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of EMIR. The content of this document is aimed at competent authorities, under the Regulation, to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. It should also help investors and other market participants by providing clarity on the requirements under EMIR."

The following topics are addressed in this 18-page document: Part I: OTC Derivatives

• Definition of OTC derivatives in the context of the notification of the classes of OTC derivatives cleared by CCP (Article 5 of EMIR)
• Article 10 of EMIR – Procedure for NFC to notify that they exceed/cease to exceed the clearing threshold
• Article 10 of EMIR – Calculation of the clearing threshold
• Article 11 of EMIR – Responsibility of the FC and NFC
• Article 11 of EMIR – Responsibility of the FC and NFC
• Article 4 of EMIR – Exemptions from the clearing obligation
• Article 6 of EMIR – Public Register

Part II: CCPs

• Article 18 of EMIR – Most relevant currencies for the determination of participation in a college
• Article 46 of EMIR – collateral requirements and recording of client assets
• Article 48 of EMIR – Collateral portability
• Article 47 of EMIR – Deposit of financial instruments
• Article 49 of EMIR – Stress-testing, back-testing and sensitivity analysis for new entities
• Article 49 of EMIR – Model validation for authorisation purposes
• Article 14 of EMIR – Authorisation of a CCP:

Part III: Trade repositories

• Article 9 of EMIR –Classification of financial instruments
• TR registration (Article 56)
• Article 9 of EMIR – Reporting of collateral and valuation
• Reporting of outstanding positions following the entry into force of EMIR
• Article 9 of EMIR – Reporting to TRs
• Article 9 of EMIR – Reporting to TRs
• Article 9 of EMIR – Reporting to TRs: Avoidance of duplication