The reporting requirement under article 9 of Regulation (EU) No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) entered into force on 12 February 2014.
Article 9 of EMIR requires that counterparties and central clearing counterparties (CCPs) ensure that the details of any derivative contract they have concluded, and of any modification or termination of the contract, are reported to a trade repository, and applies to derivative contracts which:
- were entered into before 16 August 2012 and remained outstanding on 16 August 2012; or
- are entered into on or after 16 August 2012.
The details are required to be reported to a trade depositary no later than the working day following the conclusion, modification or termination of the contract. The reporting function can be delegated to third parties.