ESMA published revised EMIR Q&A, including new questions and answers clarifying a number of issues, including: 

  • whether it is the fund or the sub-fund that should be treated as the counterparty for EMIR purposes;
  • whether sub-funds require their own LEI numbers;
  • when authorised AIFMs and registered AIFMs are captured by EMIR;
  • valuations for reporting to trade repositories; and
  • reporting of derivative contracts with no maturity date.

The EU Commission issued an updated EMIR FAQ which includes a new section IV relating to EU CCPs.

ESMA published a letter (dated 8 July 2014) from Michel Barnier, European Commissioner for Internal Market and Services, responding to ESMA's letter (discussed in the May Front Page) announcing its intention to ease certain frontloading requirements under EMIR which ,broadly speaking, agrees with ESMA and notes that the overarching objective of the clearing obligation in EMIR is to reduce systemic risk.