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Further Light Shed on EMIR Trade Reporting?

Law firm Simmons & Simmons has provided an interesting update on EMIR reporting obligations for fund managers.

A non-EU Alternative Investment Fund (AIF) will be obliged to report trades under Article 9 of EMIR from the point at which its investment manager becomes authorised or registered under the AIFMD.  Whilst stressing that confirmation from ESMA has not been obtained, Simmons & Simmons reports that the FCA considers that for non-EU AIFs which become obliged to report after 12 February 2014:

  • the reporting start date is the date when the investment manager becomes authorised or registered (an AIFM);
  • trades entered into after the AIFM authorisation date must be reported no later than t+1;
  • existing trades which remain outstanding on the AIFM authorisation date must be reported no later than one day following authorisation; and
  • historic trades which are no longer outstanding on the AIFM authorisation date do not have to be reported at all.

This, the authors note, will simply the reporting of historic trades but may also compress the timescales in which non-EU AIFs which become subject to the reporting obligation after 12 February 2014 but before 13 May 2014 have to report trades which were outstanding on both 16 August 2012 and 12 February 2014.

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