13 January 2014

ISDA/FOA EMIR Reporting Delegation Agreement published

ISDA and the FOA have published the ISDA/FOA EMIR Reporting Delegation Agreement. This document is intended to help market participants meet their reporting obligations by providing a bilateral standard form of reporting delegation agreement.

A Reporting Delegate may, on the Client’s behalf, report relevant data to a trade repository or ESMA. In respect of each Relevant Transaction, the Reporting Delegate will determine in its sole and absolute discretion whether the Reporting Obligation has arisen, the characterisation of the Relevant Transaction and, where the Relevant Data is to include Common Data, the Common Data (which may be by reference to trade information provided by a Reporting Delegate Affiliate where such affiliate is the Client’s counterparty to such Relevant Transaction). If unique reference(s) need to be generated for inclusion in the Relevant Data, the Client agrees that the Reporting Delegate may generate such unique reference(s).

The Reporting Delegate is not obliged to discover errors in or check the accuracy, authenticity or completeness, of any Relevant Data, whether that information derives from the Client or any other person (including without limitation any trading venue, central counterparty or similar financial market infrastructure but excluding the Reporting Delegate and each Reporting Delegate Affiliate).

The parties agree that the Reporting Delegate may utilise the services of a Third Party Service Provider to facilitate the submission of Relevant Data or other performance by the Reporting Delegate of its obligations under this Agreement. If the Reporting Delegate appoints a Third Party Service Provider, it will notify the Client of such appointment as soon as reasonably practicable.

The Client remains solely responsible and liable for submission of all data subject to the Reporting Obligation which is not included in the Relevant Data; and compliance with the Client’s Reporting Obligation generally.

Link to full agreement

See also: Swords Drawn Over ISDA/FOA-Delegated Reporting Agreement, 20.1.14 © Regulatory Reform

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