From 18 June 2020, EMIR will be amended so that UCITS ManCos and AIFMs “shall be responsible, and legally liable” for reporting the details of OTC derivative contracts entered into by the fund. This alters the pre-existing position, which was that the fund is responsible for reporting. This change will have the greatest impact on third party ManCos who, until now, relied on the fund to ensure that EMIR reporting was carried out.
ManCos can delegate EMIR reporting to a third party. However, ManCos remain responsible for compliance with their EMIR reporting obligations and the Central Bank of Ireland expects them to closely oversee their EMIR reporting delegate.
ManCos need to understand the background and purpose of EMIR generally and their reporting obligations specifically. Armed with that knowledge, they need to design and implement an oversight framework including an EMIR reporting policy and written agreement with the EMIR reporting delegate.
EMIR Delegated reporting oversight
Objectives, Measures of Success & Value
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This programme is delivered by Daniel Lawlor, Lead Advisor at Aquest. Daniel is the former Head of Funds Policy Team at the Central Bank of Ireland and, before that, Funds Lawyer at William Fry. He has 17 years’ experience in the financial services industry which was gained both from as a funds lawyer and financial regulator.