The ESMA EMIR Q&A was updated this morning with the following questions:

1. **new** What should the procedure be where financial counterparties andCCPs that should report their contracts within 90 days or 3 years are no longer authorised, they change their corporate purpose or if they are liquidated within the backloading period?
2. **new** Can a CCP have a provision in its rules and/or operating procedures under which the CCP can, if so requested by a clearing member, transfer the positions and assets held for the account of a defaulted client of that clearing member from the segregated account holding those positions and assets into the house account of the clearing member to facilitate the management of the client default by the clearing member?
3. (j) **new** An EU-based counterparty executes OTC-derivative contracts cleared by a third- country CCP not recognized under Art. 25 EMIR. Is the EU-based counterparty still required to apply risk mitigation techniques under Art. 11 EMIR?
4. (d) **new** In accordance with Article 3 of EMIR, it is required that the counterparties to an in- tragroup transaction are “subject to an appropriate centralised risk evaluation, measure- ment and control procedures”. When applying for the intragroup exemption from the clear- ing obligation in accordance with Article 4(2), what should the counterparties communicate to their competent authorities in this respect?
5. b) **new** Who is the ‘buyer’ and who is the ‘seller’ on an FX forward deal where the two counter- parties are exchanging currencies, and are therefore both a buyer and seller at the same time?
6. **new** TR Question 28 [last update 20 March 2014] Article 9 of EMIR – Underlying field
   a) How to populate Table 2 Field 4 (Underlying) for a commodity derivative contract where the underlying is not an index or a basket?
   b) How to populate Table 2 Field 4 (Underlying) for FX derivative contracts that are not based on an index or a basket? For example when the underlying is a currency (foreign exchange rate).
7. Article 9 of EMIR – Field 15 for NFC: Are NFCs required to complete Field 15 in Table 1 of the reporting RTS (purpose of the trade) when reporting an exchange traded derivative?
8. When completing the Venue of execution field (Table 2, field 10) with a MIC Code, which type of MIC Code should be used?
9. In the fields referring to the exchange rate (42, 43, and 44) which rate should be put in the corresponding fields (execution rate/ reference rate for the day of report /other)?