Germany finds Emir enforcement fix

Some firms cry foul over auditor-led supervision

germany-reichstag-berlin

Derivatives users in Germany are set to face stricter supervision of their reporting obligations than their counterparts elsewhere, thanks to a unique system that turns external auditors into the eyes and ears of the regulator – and forces companies to pay for the new checks. Lawyers in other countries, including the UK, say it will be next-to-impossible for their own local authorities to enforce the new reporting rules, which came into force as part of the European Market Infrastructure

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