The Association of Financial Markets in Europe, FIA, the International Capital Market Association, ISDA and the International Securities Lending Association (collectively, the "Trade Associations") developed a new reporting agreement to "simplify reporting across different European Union regulatory regimes."

According to the Trade Associations, the Master Regulatory Reporting Agreement ("MRRA") provides market participants under the European Market Infrastructure Regulations ("EMIR") and the Securities Financing Transactions Regulation ("SFTR") with the option to:

  • use a single template for EMIR and SFTR to organize regulatory obligations; and

  • provide services to fulfill the reporting requirements.

The MRRA provides common terms associated with derivatives transactions under EMIR in order to align with (i) the changes introduced under the EMIR Refit and (ii) securities financing transactions under the SFTR. The Trade Associations stated that the MRRA was drafted in a manner that ensures the terms will remain effective post-Brexit.