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AFB Virtual Practice Workshop: Effective Preparation for EMIR Reporting

Since 2014, EEA based foreign banks have been caught by the complex derivative reporting requirement in EMIR.  Impacted foreign banks need to report not only the reporting of trade execution, but also any updates to that trade until its closure, and potentially collateral, valuation and position reports too. 

Please note the AFB has a new website and member portal, you will need to log in to our member portal to complete your event registration.  The log in details you used previously on our old website will no longer work.

The AFB is delighted to partner with Duff & Phelps, a Kroll Business for this Practice workshop, one of the leading firms guiding banks on how to effectively execute their EMIR regulatory reporting.  The workshop will be broken down into 3 sections, firstly recapping the fundamentals of EMIR reporting, then moving to post Brexit changes including some known cross boarder issues, and finally the future of EMIR reporting, and what firms need to prepare for.

Why attend?

The workshop will cover 3 themes as follows:

Section 1 – Reporting Under EMIR (recap)

  •        Counterparties – who needs to report.
  •        Geographical considerations.
  •        Principal vs Agency – differences vs MiFIR.
  •        Increase in regulatory scrutiny – data quality.

Section 2 – Onshoring of EMIR and Cross Boarder issues

  •        Post Brexit changes – regulatory differences, practical applications, delegated reporting.
  •        Oversight by the FCA – Regulatory oversight and National Competent Authority.
  •        What to do with additional guidance from ESMA?         
  •        Reporting requirement in two jurisdictions?
  •        Branches, as mentioned by the FCA and ESMA.
  •        AIFs and AIFMs – esp. non-EU AIF reporting.

Section 3 – Looking ahead

  •        EMIR Refit – what this is, how it will impact firms and the timeline.
  •        Increase in reportable fields.
  •        Significant changes.
  •        Data Quality – why this is so important for firms.
  •        Mandatory delegated reporting – how does this apply going forward?

What will participants implement Back@Bank?

A better understanding of

  •        How to implement effective EMIR reporting
  •        The significant changes required for existing reporting methods and practices
  •        How to ensure your reporting meets required standards and better manage your potential regulatory risk

Who should attend?

This Practice workshop is aimed at practitioners who have responsibility for EMIR Trade Reporting. This will typically be compliance, operations and IT professionals who are involved with EMIR transaction reporting on a day-to-day basis along with senior managers with oversight of this area.

Speaker biography

Tim Hartley, Senior Vice President, Regulatory Consulting, Duff & Phelps Ltd, A Kroll Business.

Tim Hartley is an EMIR and SFTR SME and a seasoned presenter. Tim delivers the UnaVista EMIR Trade Reporting Foundation Course and assists a wide range of firms with their daily EMIR reporting requirements to ensure the accuracy, consistency, validity and timeliness of derivative submissions.

Optional Open Surgery from 10:00 – 10:30

After the virtual Practice workshop finishes at 10:00, members who wish to do so, can remain online for an Open Surgery session with our speaker. The session is open until 10:30.

Logistics

Please note the AFB has a new website and member portal, you will need to log in to our member portal to complete your event registration.  The log in details you used previously on our old website will no longer work.  Your username is your email address, use the ‘Recover your log in details’ button as this will allow you to set a password.  Alternatively,  If you cannot remember your password, you can reset this here or email sara.winter@foreignbanks.org.uk  You will receive details on how to join the session a few days before the event.

Format:           Virtual workshop (platform: to be confirmed)

Date:               Tuesday 13 July 2021

Time:               09:00 – 10:00 – Virtual Practice workshop

                        10:00 – 10:30 – Optional Open Surgery

Places:            Maximum of 30 people

The session is intended to be interactive and allow participants to discuss the examples provided, raise their own challenges and receive feedback from others. To enable this interaction, participants should ensure they can join by video. There will be ample opportunity for questions throughout the session, however, if you would like to submit a question before or have any specific questions or areas that you would like the Practice workshop to address, please send them to the AFB at secretariat@foreignbanks.org.uk  as soon as practicable. The Practice workshop will be held under the Chatham House Rule, in order to promote free and constructive discussion.

You will receive details on how to join the Virtual Practice workshop a few days before the event.