On 5 August ESMA updated its Q&A on the European Market Infrastructure Regulation (EMIR). In addition to changes to several existing answers, the Q&A now contains new questions on:

  • whether funds or their managers should be considered the counterparty to a transaction;
  • the principal-to-principal model of OTC derivatives clearing;
  • determining the financial or non-financial status of entities not established in the EU;
  • portfolio reconciliation under article 13 of the Regulatory Technical Standard (RTS) on OTC derivatives;
  • dispute resolution under article 15 of the RTS on OTC derivatives;
  • organisational requirements under article 26 EMIR;
  • the definition of "independent board member" of a central counterparty (CCP);
  • allocation of additional resources under article 35 RTS on CCPs; and
  • reporting of intragroup transactions, of transactions within the same legal entity and in respect of non-European subsidiaries of European entities.

(Source: EMIR Q&A)