Cypriot regulator urges firms to comply with EMIR Reporting requirements
The Cyprus Securities and Exchange Commission (CySEC) today issued a circular to regulated entities, including Cyprus Investment Firms (CIFs) advising them to ensure compliance with EMIR Reporting requirements.
In particular, CySEC asks firms to pay attention to Article 9(1) of EMIR which states:
“Counterparties and CCPs shall ensure that the details of any derivative contract they have concluded and of any modification or termination of the contract are reported in accordance with paragraphs 1a to 1f of this Article to a trade repository registered in accordance with Article 55 or recognised in accordance with Article 77. The details shall be reported no later than the working day following the conclusion, modification or termination of the contract.”
The regulator stresses a recent announcement by CME Group regarding the pending wind down of some of its regulatory reporting services. The impacted businesses are as follows:
- NEX Regulatory Reporting (NRR or aka CME Regulatory Reporting)
- NRR (Abide) Hub
- NEX Abide Trade Repository (NATR)
- NRR (Abide) ARM
- NRR (Abide) APA
- Legacy CME Global Repository Service (GRS)
- CME European Trade Repository (ETR)
- CME Australian Trade Repository (ATR)
These services will be closed on or by November 30, 2020. This decision follows an evaluation of CME’s Regulatory Reporting business portfolio following the acquisition of NEX Group in November 2018 which determined it no longer aligns with the strategic direction of CME Group.
Taking into account the wind down of the above-mentioned repositories, CySEC urges regulated entities to take necessary action in order to ensure their timely porting to an alternative EMIR trade repository.
Regulated Entities that do not comply with their EMIR reporting obligation will be subject to enforcement action.