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Update on EMIR Notifications

The FSA has updated its website regarding certain notifications required under EMIR.

Non-financial counterparty notifications

Article 10(1) of EMIR requires a non-financial counterparty that takes positions in OTC derivatives contracts that exceed the clearing threshold to notify ESMA and its competent authority of that fact.  The FSA has confirmed that, following the recent approval of the EMIR technical standards, non-financial counterparties will be able to notify the FSA of a change of status (either to NFC+ or NFC-) from 15 March 2013, and provides specimen forms for use in this regard.

Timely Confirmation: reporting outstanding confirmations

Article 12(4) of the EMIR Risk Mitigation RTS requires financial counterparties to establish procedures to report on a monthly basis the number of unconfirmed OTC derivative transactions that have been outstanding for more than five business days.  The FSA has confirmed that financial counterparties do not need to submit a report unless it has been requested, but must have procedures in place to do so when requested.

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