The following are a selection of frequently asked questions in relation to EMIR trade reporting

Trade reporting is a requirement of the European Markets Infrastructure Regulations (or EMIR). Under the trade reporting rules any entity that is incorporated in the European Union (EU), including their overseas branches, and transacts derivatives is required to report the details of those transactions to an authorised Trade Repository (TR).

Generally, non-EU subsidiaries of EU incorporated entities are not subject to the reporting requirements.

Since 1 January 2021 these obligations now apply directly to entities incorporated in the under the EMIR regime.  For EU/EEA entities their obligations remain the same. With regards to EMIR Refit and clients classified as NFC- please see the EMIR refit section further below for potential impacts.

The rules require both parties to a transaction to report their side of the transaction; they also allow for one party to delegate their reporting to the other party involved in the transaction.

One benefit of this approach is that entities do not need to set up complicated and costly infrastructure to report their side of the trade.

Initially our service will be limited to the reporting of your over-the-counter (OTC) and exchange traded derivatives transactions with Ponance Bank Markets Plc or Ponance Bank Markets N.V., excluding equity derivatives transactions.

Under the service we will report all new transactions between us, as well as any back loaded and back-reported transactions.

Currently, we are offering our reporting service for free.

During the registration process we will ask you for information that relates to the Counterparty Data fields, including:

Your Legal Entity Identifier (LEI) or Pre LEI, or BIC.

• Your counterparty classification under EMIR (i.e. Financial Counterparty or Non-Financial Counterparty)
• Representation as to whether or not you are above the clearing thresholds
• Corporate sector code if the client is classified as FC
• Information on your trading capacity i.e. are you Agent or Principal in your trades with us.
• Product detail for which setup to be enable

Docs to be provided Mandatorily to enable DTR.

• For Fund Managers: EMIR Delegated Trade Reporting Agreement (Annexure 1 & 3) (PDF)
• For Non Fund Managers: EMIR Delegated Trade Reporting Agreement (Annexure 1 & 3) (PDF)
• EMIR registration form (XLSX)

We will endeavour to set you up as quickly as possible once we have received all your information and the signed Terms and Conditions of Use, however the time it takes to on-board you will be dependent on the number of entities you wish to register and the volume of applications we are processing at the time.

We will notify you via email when we have completed your application and are in a position to report your transactions for you. If we encounter any issues with your application we will notify you as soon as we can.

EMIR Refit is Regulation (EU) 2019/834 of the European Parliament and of the Council amending Regulation (EU) 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories, published on 28 May 2019 in the Official Journal of the European Union, as may be amended from time to time.

EMIR Refit has moved the responsibility of reporting for clients classified as NFC-  to the financial institutions they are trading with. Please note from 1 January 2021 NFC- clients will still need a delegated reporting agreement in place for NWM to report on their behalf if they are either:

• A EU/EEA NFC- entity facing Ponance Bank PLC (a company)
• A NFC- entity facing Ponance Bank Markets N.V. (a Netherlands/EU company)