From: RegTech Analyst
The EU’s securities markets regulator has updated its questions and answers document on practical questions regarding data reporting issues under the European Markets Infrastructure Regulation (EMIR).
The update to European Securities and Markets Authority’s (ESMA) Trade Repository (TR) Q&A 11(b) clarifies that the counterparties should follow their local time and the relevant calendar of their member state to specify the working day in the context of determining the deadline for reporting under EMIR.
The regulator continues that this clarification should be applied even if the two counterparties to the same derivative follow different calendars or are located in different timezones. What this means is that each counterparty should follow its own local calendar and use the local time to determine the deadline for reporting.
The Q&A document is set up to provide clarity and responses to questions posed by the general public, market participants and competent authorities in relation to the practical application of the regulation.
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