On 19th December, 2019, The Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association, Inc. (ISDA) and International Securities Lending Association (ISLA) published a new agreement intended to simplify reporting across different European Union regulatory regimes.
The Master Regulatory Reporting Agreement (MRRA) gives market participants an option to use a single template to help them manage regulatory obligations and provide services related to reporting under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR).
The MRRA sets out common terms governing mandatory and delegated reporting of derivatives transactions under EMIR, compatible with changes introduced via EMIR Refit, as well as securities financing transactions under the SFTR. The agreement has also been drafted with a view to ensuring these terms remain effective post-Brexit.
On 6th December, 2023, the MRRA was updated to reflect certain changes to the reporting rules under EMIR REFIT, including amendments to the EMIR Reporting Annexes and Derivatives Annex.
The MRRA and Explanatory Notes (along with blacklines against the previously published version) are attached below.
Documents (6) for Master Regulatory Reporting Agreement
- Master-Regulatory-Reporting-Agreement-120623(docx) will open in a new tab or window
- Master-Regulatory-Reporting-Agreement-BLACKLINE-120623(pdf) will open in a new tab or window
- MRRA-Explanatory-Memorandum-120623(docx) will open in a new tab or window
- MRRA-Explanatory-Memorandum-BLACKLINE-120623(pdf) will open in a new tab or window
- Master Regulatory Reporting Agreement - Explanatory Notes 121919 (superseded)(pdf) will open in a new tab or window
- Master Regulatory Reporting Agreement 121919 (superseded)(docx) will open in a new tab or window
Latest
Expanding the Universe of Eligible VM
ISDA conducted a series of interviews with buy- and sell-side firms to understand the drivers of a growing use of non-cash assets as variation margin (VM) for non-cleared over-the-counter (OTC) derivatives and the barriers that remain to expanding the use...
ISDA Response on Hedge Accounting Guidance
On August 14, ISDA responded to an exposure draft from the Financial Accounting Standards Board (FASB). ISDA broadly supports the FASB’s proposed targeted improvements to hedge accounting, including allowing interest rate hedging of held-to-maturity (HTM) debt securities, recognizing all Secured...
Joint Response to EBA Consultation
On August 12, ISDA and the Association for Financial Markets in Europe (AFME) responded to the European Banking Authority’s discussion paper on certain taxonomy key performance indicators (KPIs) and other aspects of the Disclosures Delegated Act under Article 8 of...
Response to JSCC on Clearing Fund Consolidation
On August 12, ISDA responded to the Japan Securities Clearing Corporation’s (JSCC) consultation on its proposal to consolidate clearing fund consumption, calculation and deposit segmentation across six clearing qualifications under the Financial Instruments and Exchange Act. ISDA members broadly support...