CySEC Reminds Regulated Entities to Comply with EMIR Reporting Requirements

​With the upcoming wind down of CME, The Cyprus Securities and Exchange Commission (CySEC) delivered on Thursday a circular to remind regulated entities of their obligation to comply with their EMIR Reporting requirements.

The Cypriot regulator highlighted in the circular that pursuant to Article 9(1) of EMIR, counterparties and CCPs shall 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 registered in accordance with Article 55 or recognised in accordance with Article 77. The details shall be reported no later than the working day following the conclusion, modification or termination of the contract.

Considering CME Group will be winding down several of its regulatory reporting services on or by 30th November 2020, CySEC encouraged regulated entities to take urgently the necessary action in order to ensure their timely porting to an alternative EMIR trade repository.

The regulator also warned that those not complying with their EMIR reporting obligation will be subject to enforcement action.

Regulatory reporting services CME Group may be closing include:

· NEX Regulatory Reporting (NRR or aka CME Regulatory Reporting)

· NRR (Abide) Hub

· NEX Abide Trade Repository (NATR)

· NRR (Abide) ARM

· NRR (Abide) APA

· Legacy CME Global Repository Service (GRS)

· CME European Trade Repository (ETR)

· CME Australian Trade Repository (ATR)