ISDA Requests ESMA Take No Action Against Counterparties

ISDA requested that the European Securities Market Authority ("ESMA") take no against counterparties that have not reported all details of historical derivative transactions by February 12, 2019. According to ISDA, the action will not be taken if EMIR Refit is not published in the Official Journal and effective before February 12, 2019.

ISDA stated that the EMIR Refit will amend Article 9 of EMIR, which would remove the obligation of counterparties to report historical derivative transactions entered into prior to August 16, 2012 (and remained outstanding on that date), or that were entered into after August 16, 2012 (but were no longer outstanding when the EMIR reporting obligation started). The current deadline for reporting historical derivative transactions is February 12, 2019.