They are invited to adapt to a presentation to provide an overview of the structure and operation of the Master Regulatory Reporting Agreement (MRRA), jointly published by five inter-professional organisations in December 2019 to simplify reporting agreements in different EU regulatory systems. This meeting will focus on how market participants can use the MRRA model to document and manage their regulatory obligations and provide otC derivatives reporting services under the EMIR Regulation. You will hear from legal experts on the practical use of MRRA, both in terms of mandatory and delegated reporting of derivatives and the regulatory reporting landscape underpinned under EMIR Refit. Although the AEMF has sent a letter to the European Commission, indicating to the Commission that the start date of the report on exchange-traded derivative contracts should be postponed by one year to allow operators to obtain additional guidelines for notification of such contracts, the Commission did not accept such a delay and CNN and CNN should be required to comply with reporting obligations for both OTC and Exchange derivatives on February 12, 2014. These requirements will be phased in and the next significant deadline under the EMIR Regulation is 12 February 2014, when the obligation to declare derivative contracts to central repositories will begin. Therefore, we take into account in this note the reporting obligation, the ISDA/FOA EMIR (GDR) reporting agreement and certain issues that market participants must face in preparing the launch date. The GDR envisages that the parties could include a number of timelines within the GDR: (i) the “electoral plan” (this timetable is mandatory and contains all the ballots and information that the parties must carry out or insert with respect to the provisions of the main part of the agreement (like the timetable of an ISDA executive contract); (ii) a static data calendar (optional, see paragraph 3 below); and/or (iii) a timetable for operational and procedural provisions (which is also optional). If you are a CF (financial counterpart) and we are currently reporting on your behalf on a delegated basis, we will continue to do so in the future and you will have nothing to do. The Grace periods apply to the declaration of certain derivative contracts concluded before the closing date of the report: this provision could certainly be advantageous for counterparties subject to the EMIR reporting regime, but whose derivative contracts are also declared under Dodd-Frank, but will only be available when the European Commission adopts an act of execution that declares equivalent to the dodd-Frank reporting regime, in accordance with the EMIR regulation. Unfortunately, it is not known when this will happen or whether conditions will be accompanied by a distribution of equivalencies.
On this basis, counterparties are currently unable to rely on Article 13 and, for the time being, counterparties should be ready to report on February 12, 2014 under the EMIR Regulation. Towards the end of 2013, reports on the delegation began to circulate, although distributors were not required to provide reporting services, they were rightly unilateral and many counterparties had to choose to accept unfavourable conditions and set up the reporting infrastructure. Under the agreement, an entity that provides delegated reporting services (the “report delegate”) undertakes to provide a “Relevant Trade Repository” with “relevant data” either itself or through a third party with respect to “relevant transactions” on behalf of a “customer” in accordance with the “notification period” set out in Article 9 of the EMIR Regulation. For its part, the client is required to provide all the data of the contractors necessary to facilitate compliance with its obligations by the reporting agent. Unlike the dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the EMIR regulation does not apply a hierarchy to reports.