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FCA Updates Notifications and Exemptions Under EMIR

On 1 October 2013, the FCA updated its webpage on EMIR notifications and exemptions.  The FCA has published new information relating to reporting disputes between counterparties.  From 15 September 2013, financial counterparties must report, on a monthly basis, any disputes between counterparties concerning an OTC derivative contract.  Reports can be made via the EMIR web portal which is still under development.  Once available, disputes outstanding in the previous month must be submitted by the fifteenth of each calendar month.  In the meantime, counterparties should maintain internal records of disputes outstanding from 15 September 2013.  The webpage provides details of the information that needs to be provided and will be updated again soon proving that the FCA has thus far remained focused on its supervisory priorities arising from EMIR.

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