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- Master Regulatory Reporting Agreement - Explanatory Notes 121919 (superseded)(pdf) will open in a new tab or window
- Master Regulatory Reporting Agreement 121919 (superseded)(docx) will open in a new tab or window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
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...
ISDA-SIFMA letter to SEC on Swap Dealer Thresholds
ISDA and SIFMA have submitted a comment letter to the SEC in response to the staff report on the definitions of “security-based swap dealer” and “major security-based swap participant.” The associations recommend maintaining the current de minimis thresholds for both...
ISDA responds to RBI consultation on SA-CCR
On July 1, ISDA responded to the Reserve Bank of India's (RBI) consultation on draft amendment directions on the standardized approach for counterparty credit risk (SA-CCR). ISDA broadly welcomes the RBI's move to SA-CCR and updated capital treatment for exposures...