Deloitte Luxembourg EMIR services

The complexity of the EMIR requirements and their evolving nature make the compliance a challenging task. In addition, the regulators are becoming less indulgent towards the firms with respect to various provisions.

If you are in doubt whether your firm fully meets EMIR obligations than it is the right time to perform the “EMIR Compliance Health Check", which comprises:

• Review of the contractual setup (ISDAs, SLAs, client contracts) in view of compliance with EMIR requirements
• Review of the Risk Mitigations Techniques (RMT) and Reporting processes and identification of the gaps
• Definition of a remediation plan for all the gaps identified in the previous phases
• Assistance in the implementation of proposed actions to ensure compliance

EMIR and the upcoming trade reporting regulations are seen as catalysts for re-engineering the regulatory reporting processes. Indeed, these pre- and post-trade reporting requirements will be embedded in day-to-day operations. They will need to be properly supported by an efficient, reliable and scalable reporting architecture and IT infrastructure.

The design of the regulatory trade reporting model should not be organized as a set of different reporting interfaces built around each regulation. It should be designed around your trade value and post-trade chain, extracting the data from spread systems and centrally consolidating it.

If you are looking for a smooth and efficient setup to ensure compliance with various reporting obligations than you might want to have the assistance in:

• Identification of regulatory reporting obligations (EMIR, REMIT, MiFIR, SFTR)
• Definition of reporting obligation strategy to maximize synergies of mutualisation of reporting obligations
• Identification of the required data sources and relevant pieces of information
• Integration of data flows into Deloitte Transaction Reporting Solutions to ensure a single point of data transfer

As from 2016, EMIR will impose new clearing obligations and margin requirements for centrally cleared and OTC transactions.

These new requirements will impact the financial institutions in terms of:

• Risk management & capital requirements,
• Asset and client account segregation
• Asset eligibility, liquidity and transformation in line with collateral needs

Our team can assist you assessing the different operational and organisational impacts related to these requirements.