EMIR (abbreviation of. European Market Infrastructure Regulation) a Regulation of the European Parliament and of the Council (EU) No 648/2012 of 4 July 2012. On derivatives traded outside the regulated market, central counterparties and trade repositories, which entered into force on 16 August 2012.
The Regulation has direct effect in all Member States, which means that its provisions impose obligations directly, among others, on Polish actors (entrepreneurs) containing derivatives.
EMIR Regulation introduces a division of market participants in the following categories:
Financial counterparties (FC) - investment firms authorized in accordance with Directive 2004/39 / EC, credit institutions authorized in accordance with Directive 2006/48 / EC, insurance undertakings authorized in accordance with Directive 73/239 / EEC , insurance companies, authorized in accordance with Directive 2002/83 / EC, reinsurance undertakings authorized in accordance with Directive 2005/68 / EC, a UCITS and accordingly, their management companies, as authorized in accordance with Directive 2009/65 / EC institutions for occupational retirement provision within the meaning of art. 6 point a) of Directive 2003/41 / EC and alternative investment funds managed by managers of alternative investment funds, authorized or registered in accordance with Directive 2011/61 / EU,
Non-financial counterparties (NFC) - companies established in the European Union, non-financial counterparty (FC). Among non-financial counterparties (NFC) are distinguished by the so-called. Contractors NFC +. These are the entities which take positions in futures derivatives traded over the counter (OTC), and these positions exceed the 30 days limit settlement determined in accordance with Regulation EMIR and at the same time as these derivative contracts can not be objectively stated that the decrease risks directly related to the business or the business of managing assets and liabilities of non-financial counterparty or group to which it belongs (a detailed explanation is given in art. 10 of the Ordinance EMIR).
Transaction Repository (TR) - means a legal entity engaged in the collection and storage at the central level data on derivative transactions concluded by customers.
Central counterparty (CCP) - a legal entity which operates between the counterparties to the contracts traded on one or more financial markets, becoming the buyer to every seller and the seller to every buyer.
Obligations arising from the EMIR
Each of the parties to the derivative transaction is obliged to present (zaraportowania) details of the transaction to the entity created for the purpose of collecting this information, ie. Trade repository. Notification of the transaction should take place by the end of the next working day after its conclusion.
Each party to the derivative transaction must report the transaction to the repository. It may do this either directly or through the other side of the transaction or by a third party.
To meet customers' expectations WUIB will report derivative transactions concluded with the Bank on behalf of clients to the repository.
To fulfill the obligation of reporting the transaction to the repository, it is necessary to have a number by LEI (ang. Legal Entity Identyfier).
If the customer does not provide the bank number information LEI Bank will not be able to report transactions on its behalf, and consequently refuse to enter into such a transaction.
Currently code LEI operates a code pre-LEI, due to the fact that the international system of identification numbers (ie. Gleis) is still in the construction phase.
ID PRE-LEI can get, among others, through the NDS, ie. by submitting an application on the website: https://lei.kdpw.pl or other entities specializing in the allocation of such numbers.
Details of other authorized entities (outside the territory of Polish), to issue numbers LEI can be found at the link below:
According to the information contained on the NDS "after filling out a registration application for granting the code within a maximum of 10 working days a decision is made to accept or reject the application. After successful verification of the entities applicants will be sent an e-mail asking you to pay the due fee. After paying the fee code will be given immediately. "
In order to allow reporting by the Bank on your behalf derivative transactions with WUIB it is necessary to provide bank information obtained through the issue of LEI forward to his counsel appropriate declaration.
For customers having the status of individuals engaged in individual businesses who may not be able to obtain a number of LEI or PRE-LEI Bank will be used to report other available individually and unique number passed to him for this purpose by the Client or assigned to the Client by the Bank within the approved by the EMIR regulation and rules of proper Repository Transaction.
If you have questions or concerns regarding the obligation to report transactions to the repository, including issues related to the acquisition of ID PRE-LEI please feel free to contact WUIB.