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) have 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.

The MRRA and Explanatory Notes are attached below.

Webinar

On 14th May 2020, ISDA and FIA published a webinar which provides an overview of the structure and functioning of the MRRA.  You can access a recording of the webinar here.

As mentioned in the webinar, ISDA and other trade associations had written to ESMA seeking regulatory forbearance with respect to commencement on 18 June of mandatory reporting by financial counterparties for NFC-s.  ESMA has now declined to grant any such forbearance.  The webinar was recorded prior to ESMA’s response.