Global menu

Our global pages

Close

EMIR: FCA imposes deadline for compliance with risk mitigation techniques

    • Financial services and markets regulation - EMIR
    • Financial services

    26-02-2014

    The Financial Conduct Authority (“FCA”) has clarified its supervisory approach to risk mitigation requirements for non-cleared over-the-counter derivative transactions relating to portfolio reconciliation, dispute resolution and portfolio compression under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”).

    Deadline

    The FCA expects firms that have to date not been complying with the portfolio reconciliation, dispute resolution or portfolio compression requirements, which became effective on 15 September 2013, to have a detailed and realistic plan to achieve compliance within the shortest time-frame possible.

    The FCA expects that such plans will be completed and implemented by 30 April 2014 and that firms must be in a position to demonstrate compliance after this deadline.

    Penalties for non-compliance

    The FCA may impose a financial penalty on non-complying parties and is under an obligation to publically disclose each penalty (unless such disclosure would seriously jeopardise the financial markets or cause disproportionate damage to the parties involved).

    Jonathan Master, Partner
    Richard Batchelor, Partner
    Jamie Dunlop, Principal Associate

    < Go back

    Print Friendly and PDF

    © Eversheds Sutherland 2021. All rights reserved. Eversheds Sutherland is a global provider of legal and other services operating through various separate and distinct legal entities.

    Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.