The ISDA/FOA EMIR Reporting Delegation Agreement (the “EMIR Agreement”) was published on 13 January 2014. It was designed to help market participants meet their reporting obligations under EMIR by providing a bilateral standard form agreement between a client and a reporting delegate pursuant to which relevant data could be reported to a trade repository (“TR”).
Responding to member demand, ISDA is now in the process of adapting the EMIR Agreement in order to meet similar transaction reporting requirements in certain other jurisdictions. Current drafts would suggest that the new agreement will remain quite faithful to the original in the way in which it deals with such issues as:
- Defining the obligation to report;
- Handing errors in reported data;
- Selection of a TR;
- Use of third parties;
- Liability and indemnities; and
However, the new agreement looks set to include jurisdiction-specific provisions and elections in order to allow firms to tailor the agreement for use in jurisdictions such as Singapore, Australia and Hong Kong.