On 10 February 2014, the Financial Conduct Authority (FCA) published two factsheets relating to EMIR:
- EMIR reporting – is the industry ready? This is drafted for those looking to comply with the EMIR reporting obligation. It concludes that most firms will be reporting their derivatives contracts from the start date of 12 February 2014 and looks specifically at issues around reporting channels and backloading. It was reported that issues persist with respect to Unique Trade Identifiers, Legal Entity Identifiers and confidentiality obligations in non-EU countries.
- Non-financial counterparties subject to EMIR. This factsheet is designed to assist non-financial counterparties (NFCs) which are part of a group which contain Financial Counterparties (FCs) in calculating the clearing threshold. The factsheet concludes that NFCs are accurately classifying hedging and non-hedging transactions but that they must be mindful of their continuing responsibilities when delegating their EMIR obligations to calculate a clearing threshold or report to their group FCs.