Non-EU corporates thwarted on Emir reporting relief

Esma suggests foreign-headquartered firms can’t benefit from intra-group exemption

EU happy faces montage

European Union regulators have been rejecting requests by corporates headquartered outside the EU to make use of a new exemption from reporting intra-group derivatives trades, has learned from four sources. The national competent authorities (NCAs) making these rejections cite an unpublished interpretation taken by the pan-EU regulator, the European Securities and Markets Authority, as the reason they cannot grant the relief. Firms are now hoping the European Commission will step in and

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