EMIR web portal

Find out more about the EMIR web portal, how you can register, and our user guide to help counterparties use the system.

Register for the portal 

Counterparties should use the EMIR web portal to electronically submit: 

  • notifications for disputes (article 15(2) of the OTC derivative technical standards) 
  • the intragroup exemption from the clearing obligation (article 4(2) EMIR)
  • non-financial counterparties exceeding the clearing threshold (article 10(1) EMIR)

Counterparties must be registered to use the portal. You will need to create at least one superuser who must give us the following information:

  • full name of the notifying counterparty
  • FCA Firm Reference Number (if applicable) and Legal Entity Identifier
  • registered address and postcode of the notifying counterparty
  • contact details for the first super-user (name, email and telephone number).

Each counterparty can only be registered on the web portal once. The first person to register a counterparty will be a ‘superuser’ for the account and will be able to create new users to act on behalf of the counterparty as necessary.

Once the counterparty has been successfully registered, the superuser must activate their account via a website whose link we will send by email. Once the account has been activated, the superuser must create a new password and can then make notifications on behalf of the counterparty. Before submitting any notifications, the superuser will need to add the details of at least one person of appropriate seniority who will be responsible for declaring any submitted notifications. The superuser must provide this person’s name, position and contact details.

Once registered with an account, the superuser can add additional counterparties. This will allow them to make notifications from one account on behalf of multiple counterparties. To submit a notification for any counterparty within an account you must have also assigned at least one person of appropriate seniority to that counterparty.

Read our user guide for the web portal

Registering and logging on to the portal

Registering a counterparty that is already registered: when you attempt to register a counterparty that has already been registered, an email will be sent to the person who originally registered that counterparty (they will by default be that counterparty’s superuser). If you are within the same group, they may contact you to discuss making you a user. Until they do, you will not be able to make notifications on behalf of that counterparty. If you believe that this counterparty has been registered in error, contact [email protected].

All passwords must be:

  • A minimum of 6 characters in length.
  • Contain at least 1 capital letter.
  • Contain at least 1 number.
  • Contain at least 1 special character (!, ‘, £, %, etc).

If you have forgotten your password, go to the log-in screen and click on ‘Can’t access your account’. You will get an email that will allow you to reset your password.

Username, FCA Firm Reference Number (FRN) and Legal Entity Identifier (LEI)

​Your username is the email address that you used to register. If you do not have an FRN, then this field can be left blank.

Financial and non-financial counterparties are expected to enter an LEI as their counterparty identifier when registering to use the portal. See our reporting pages for how to obtain an LEI.

Adding additional counterparties, registering a person of appropriate seniority (PAS), and user admin

Registering as a superuser on behalf of the client: the web portal allows one registration per counterparty only. As some counterparties use several fund managers, we expect that the client of a fund manager will register on the web portal, while the fund manager sends details of any reportable disputes to the client so that the client can report these. The person of appropriate seniority will need to be from the client reporting the dispute.

Fund manager of a UCITS or an AIF should register as a superuser, where the UCITS or AIF itself is the counterparty. Before leaving the firm you should ensure that you promote a normal user to a superuser. This will allow the continued functioning of the account after your departure. If all account superusers have left the firm and have not promoted a normal user, contact [email protected] for access to be arranged.

'Saved and Submitted Notifications' section: only a superuser can see all notifications made on behalf of all of the counterparties within a particular account. If you are not a superuser, you will only be able to see those notifications made on behalf of counterparties that you have permission to make notifications on behalf of.

Adding more superusers or users to an account: an account will only be able to contain a maximum of 20 users, including a maximum of 3 superusers. If you need to add a superuser, or user, you must delete registered users or super-users as appropriate.

Registering on behalf of a UK OEIC or ICVC​: UK OEICs or ICVCs should register their Authorised Corporate Director (ACD) as the (main) counterparty and register each sub-fund under the OEIC umbrella as separate (sub) counterparties. 

Contact your account superuser within your firm when experiencing issues with account access is the first instance. If all superusers within a firm are not able to access the system, contact [email protected].

Clearing threshold for non-financial counterparties

Non-financials who have already submitted notifications for exceeding (and subsequently no longer exceeding) the clearing threshold will not need to re-submit their notifications. 

If you have notified the FCA that you are an NFC over the clearing threshold but your derivatives activity means that you subsequently no longer exceed the clearing threshold, you need to notify us that the NFC is no longer above the clearing threshold. To do this, please open the previous notification of exceeding the threshold in the 'Saved and Submitted Notifications' section. There is an option, in section B, to indicate that the level of derivatives activity no longer exceeds the threshold. Once you have done this please reselect the appropriate person of appropriate seniority, reconfirm and resubmit.

If you submitted your notification for exceeding the clearing threshold using a previous system and the details of the notification do not appear in the portal contact [email protected].

If you have notified us that you are an NFC over the clearing threshold but you need to update the list of counterparties within the combined group notification section of the form, you will need to notify us that you have updated the notification for exceeding the clearing threshold. To do this, please open the previous notification of exceeding the threshold in the 'Saved and Submitted Notifications' section. There is an option, in section B, to add counterparties within the combined group notification section. To add these counterparties to the notification, the person of appropriate seniority (PAS) in the declaration in section C will need to have consent from the additional counterparties within the group. Once you have done this please reselect the appropriate PAS, reconfirm and resubmit in section C.

If you have previously notified us that you are an NFC over the clearing threshold via the old system, you will not need to re-submit your notifications. If you subsequently no longer exceed the clearing threshold, or have any questions, please email [email protected].

Dispute notifications for financial counterparties

​If you are notifying a dispute where you do not agree on the amount or value of the dispute with your counterparty, counterparties should consider the cumulative amount of the dispute:

Example 1

  • A calculates that B should pay €5m to A.
  • B calculates that B should pay €3m to A.

In this example both parties agree that B is indebted to A. Their valuation of the liability, however, is different. The cumulative value of the dispute is €2m. The threshold for dispute notifications is €15m and so this dispute would not need to be reported.  

Example 2

  • A calculates that B should pay €5m to A.
  • B calculates that A should pay €10m to B.

In this example there is a dispute over both the value of the liability and which counterparty is liable. So this dispute, is the sum of both parties liability valuation. The dispute value in this scenario is €15m. If this dispute remains unresolved for 15 business days or more, a dispute notification will have to be made using the EMIR web portal.

Reporting the 'Amount or value of the dispute (€m)' column where the amount of a dispute varies over time: If the dispute is closed by the end of the reporting period (ie, month end), the value on the day the dispute became reportable (ie, exceeded the €15m and 15 business day thresholds) should be used. If the dispute is still open at month end (regardless of whether the dispute is reported for the first time or whether it has been reported previously), the value reported by the 15th of the following month (reporting date) should be the value as of the last business day of the calendar month for which the report is being submitted (reporting period). There is no need to provide an updated submission for any disputes that have been reported in a prior period but closed by the end of the current reporting period.

Disputes which occurred after the end of a reporting period but before the relevant reporting date should not be included in the report relating to such a reporting period but should be included in the next report. For example, a dispute which is identified on the 3rd June should only be included as part of the (June) set of notifications submitted for the 15th July deadline.

Financial counterparties submitting a nil return though the portal if they do not have any notifiable reports in a particular month: nil returns are not required, so financial counterparties do not need to register on the portal until a reportable dispute arises.

Reporting a dispute but it is still outstanding during the following month: the same submission should be updated during each subsequent month that the dispute remains outstanding and above the notification threshold. The system will automatically record the previous information. You should not make a new notification for the same dispute.

Clearing exemption for intragroup transactions

Entering a Legal Entity identifier (LEI) as the counterparty identifier for non-EU intragroup counterparties: the counterparty identifier should be an LEI for all intragroup counterparties when applying for an exemption from the clearing obligation.  As set out in the EMIR technical standards on format and frequency of trade reporting, all counterparties must have an LEI for reporting to trade repositories under EMIR.

Information that applicant counterparties must provide to demonstrate that both counterparties are subject to appropriate centralised risk evaluation, measurement and control procedures.
To demonstrate that appropriate centralised risk evaluation, measurement and control procedures are in place, the applicant counterparty should be able to cover the following areas by providing a summary description in the free text box:

  • describe the risk management policies and controls and how they are centrally defined and applied
  • demonstrate that senior management is responsible for risk management and that risk measurement is regularly reviewed
  • demonstrate that regular and transparent communication mechanisms are established within the organisation, so that the management body, senior management, business lines, the risk management function and other control functions can all share information about risk measurement, analysis and monitoring
  • demonstrate that internal procedures and information systems are consistent throughout the institution and reliable so that all sources of relevant risks can be identified, measured, and monitored on an aggregated basis and also, to the extent necessary, by entity, business line, and portfolio
  • demonstrate that key risk information is regularly reported to the central risk management function to enable appropriate centralised evaluation, measurement and control risk across the relevant group entities

Attaching documents or diagrams in the free text boxes within the clearing exemption forms: you cannot attach documents or diagrams to the free text boxes in the clearing exemption form. You will need to give us an answer to the relevant questions using 4,000 characters.

Group notification to cover all our counterparties notifying or applying for the intragroup clearing exemption: you cannot make a group-wide notification or application for the intragroup clearing exemption, because the exemption needs to be applied for at the counterparty level. However, if there are two counterparties within a group who are both established within the UK you can make one notification to cover both of these counterparties. There is a check box in section B which you can use to select this option.

Applications for the intragroup exemption from the clearing obligation: we are now accepting notifications for the intragroup exemption from the clearing obligation for transactions between 2 entities in the same group which are both established in the UK. 

We are also accepting applications for transactions between a UK entity and an entity elsewhere in the EU. However, such notifications require the joint approval of the FCA and the other relevant EU national competent authority (NCA). As a result, the firms should check the decision of the other EU NCA before relying on the exemption.

We are also now accepting applications for transaction between a UK entity and a third country entity. These notifications can be submitted via the EMIR web portal.