CLLS calls for exempting corporate transactions from EMIR reporting: CLLS has published a memorandum proposing that derivatives' dominant characteristic should be taken into account when considering whether they fall within the scope of EMIR, even if they are a financial instrument for MiFID purposes. A holistic assessment of certain corporate agreements, such as employee stock options or shareholders' pre-emption rights, would show that they neither involve a redistribution and transfer of risk nor form part of a market. They should therefore not be subject to the reporting obligation in EMIR. (Source: EMIR: Reporting of Derivatives Transactions and Corporate Transactions)