What is EMIR Delegated Reporting?
Regulatory Reporting’s suite of delegated reporting products help reduce the pressure on the back-office infrastructures of firms who fall within EMIR’s jurisdiction. The model enables any counterparty to a trade to ‘delegate’ its reporting obligation to the other counterparty to the trade or to a third-party service provider.
It also allows firms to take on the reporting responsibilities of multiple clients – including those that do not have the resources to adjust to the requirements of EMIR, or which consider delegation a more efficient model by which to report.
Regulatory Reporting has created bespoke delegation products for each individual client – the model below illustrates the concept of delegated reporting:
- ‘Delegating’ counterparty provide details of their static data (i.e. broker ID) to its counterparty or third party administrator
- The ‘submitting’ party then submits their client’s data if they are a third party administrator, or both their data and their counterparty’s data in any standard Regulatory Reporting format
- Regulatory Reporting then applies bespoke logic, formatting and feedback for submitted data including details of rejected fields on customised management dashboards
- If the ‘delegating’ counterparty requires access rights to the data submitted to Regulatory Reporting, the delegated reporting product can be customised to allow:
- View-only access
- Ability to edit some fields
- Ability to submit and edit some fields (ie valuation fields)
EMIR Delegated Reporting Workflow
