The European Market Infrastructure Regulation (EMIR) Refit is to amend Article 9 of EMIR to remove the obligation of counterparties to report historical derivative transactions that were entered into before August 16, 2012 and remained outstanding on that date, or that were entered into on or after August 16, 2012 but were no longer outstanding when the reporting obligation under EMIR commenced. The current deadline for reporting historical derivative transactions is February 12, 2019.

A request has been made to ESMA to issue a statement to national competent authorities that, in the event that the EMIR Refit is not published in the Official Journal and in effect before February 12, 2019, supervisory action will not be taken against counterparties that have not reported all details of historical derivatives transactions by that date.

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