Non-financial counterparties and financial counterparties
Non-financial counterparties and financial counterparties that exceed a specified clearing threshold shall notify ESMA and the competent authority.
Non-financial counterparties and financial counterparties that choose not to perform the calculation against specified thresholds, must also notify ESMA and the competent authority of this.
Non-financial counterparties and financial counterparties that exceed the thresholds or choose not to perform the calculation, must start clearing the transactions within 4 months of notifying ESMA and the competent authority.
Exemption from clearing obligation or reporting obligation for intra-group transactions
Intra-group transactions may qualify for an exemption from the clearing obligation, the reporting obligation and the obligation to provide collateral for bilaterally cleared trades (see more under the Clearing obligation).
- Form for notification to the Danish FSA of intra-group exemption from the clearing obligation
- Form for notification to the Danish FSA of intra-group exemption from the reporting obligation
Notifications to the Danish FSA should be sent to finanstilsynet@ftnet.dk, att. Capital Market Analysis.
EMIR (REFIT) can be found here.
Reporting of errors and omissions under EMIR Refit
In case that a notifying entity discovers an error or an omission in their reporting, they should fill out the sheet “Notifications_Template” in below attached file and turn it in to the Danish FSA. The template should be submitted when the error is identified. Following this, the Danish FSA should be informed via email in case there are changes to the planned timeline for correcting the error, and when the error has been solved.
- Validation rules, reconciliation tolerances and template for notification of errors and omissions in reporting
Error reporting is used to identify significant mistakes in the data collection, and which reports are affected by this. The following information is needed to fill out the template:
- ID of the affected transaction along with date and type
- Information about the entity behind the transaction
- Information about the affected reports
- Type of mistake and explanation/reason
- How the error has been/will be solved along with the planned timeline for this
- Other relevant comments
For more information about filling out the template, refer to the sheet ”Notifications_Instructions” which contains a guide to filling out the template and the sheet ”Notifications_Examples” which contains an example of how to fill out the template.
More information about EMIR reporting as well as data quality and -approaches is available here: EMIR Reporting (europa.eu)