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News releases AMF: 2013

The AMF draws your attention to the timetable for applying the obligation to report derivatives transactions

Published on November 19, 2013

European Regulation 648/2012 on OTC derivatives (EMIR) requires transparency regarding derivatives contracts negotiated on the regulated markets or OTC. The obligation to report to a trade repository will apply from 12 February 2014.

On 7 November 2013, the European Securities and Markets Authority (ESMA) announced the registration of the first European trade repositories. These repositories will provide a comprehensive view of transactions and facilitate exposure calculations, so that risks that could jeopardize financial stability may be avoided. The first registrations by ESMA indicate that the timetable for applying the obligation to report derivatives transactions is now underway.

In order to give businesses (financial or other) that use derivatives better support in implementing the European regulation, the AMF draws their attention to the implementation timetable for the reporting obligation:

  • on or after 12 February 2014, any new contract agreed must be reported to a trade repository registered with ESMA. The details shall be reported no later than the working day following the conclusion of the contract;
  • all contracts outstanding when the European Market Infrastructure Regulation came into force on 16 August 2012, and still outstanding on 12 February 2014 must be reported to a trade repository within 90 days of 12 February 2014;
  • all contracts outstanding on 16 August 2012 or concluded on or after that date, but expired by 12 February 2014, must also be declared within a period of three years.

 

The AMF also reminds you that this transparency requirement covers all derivatives, however negotiated, and applies to all counterparties using derivative products.
  

Press Contact:
AMF Communication Directorate - Christèle Fradin - Tel.: +33 (0)1 5345 6029 or +33 (0)1 5345 6028

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Head of publications: The Executive Director of AMF Communication Directorate.
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