In accordance with our statement of EMIR supervisory priorities we are conducting a series of implementation reviews
We want to know how firms are getting ready to implement EMIR, and comply with the obligations already in effect. Here we summarise the key findings of our implementation reviews.
The new requirements – which aim to improve transparency and reduce risks in the derivatives market – come into force between 2013 and 2015. So we are now reviewing how firms are approaching some of the key EMIR obligations. These reviews will enable the FCA to assess readiness, and to identify any areas of concern.
A representative sample of firms will be contacted for each review, and will vary from review to review. Firms will be asked about their compliance, or plans for compliance, with a particular EMIR obligation. Individual firms will not be identified in the summary of key findings published after the reviews.
The findings below are based on the limited information firms gave us. The summary of findings will not identify all of the associated risks and do not constitute rules or guidance. As a result, firms should not rely on these summaries, but we think you will find them useful in your implementation planning.
The findings of our implementation reviews are contained in the factsheets below. Factsheets will be produced on each of the issues that we review as and when the reviews are completed.
The implementation reviews were not an examination or audit and may not have identified all of the risks associated with firms’ past, current and proposed compliance with EMIR. So you should not assume that we have identified all possible areas of difficulty and potential non-compliance with EMIR obligations.
The ultimate responsibility for identifying and assessing risks with EMIR compliance remains with firms and their Board of Directors. If any issues in relation to compliance subsequently come to our attention that were not fully identified during our implementation reviews, we may take appropriate action.
We plan to conduct more implementation reviews as the relevant EMIR requirements come into effect, focusing on the areas identified in our statement of supervisory priorities.
Copyright © 2016 FCA. All Rights Reserved.