Law360, London (April 15, 2021, 4:08 PM BST) — Europe’s state regulators must improve their oversight of counterparties to derivatives trades, the European Union’s securities watchdog said on Thursday after it identified gaps in the data that traders must submit under EU rules.
The European Securities and Markets Authority said that national regulators must improve the quality of data that traders report under the European Markets Infrastructure Regulation, or EMIR, the EU’s rulebook for over-the-counter derivatives trading. Under the rules, counterparties based in the bloc must report details of every derivative contract they have concluded or terminated to registered trade repositories, which in turn pass this on to national regulators….
