ISDA, BBA, IMA and Markit announced the launch of the EMIR Counterparty Classification Tool on ISDA Amend, the online service from ISDA and Markit that facilitates compliance with certain EMIR and other regulatory requirements.
      
    
    
      
	The EMIR  Counterparty Classification Tool offered by ISDA  Amend provides an online system which will allow all businesses to classify themselves according to the EMIR  taxonomy by answering a series of questions.  The EMIR  Counterparty Classification Tool on ISDA  Amend is easy to use and free for corporations and buy-side firms.
	The ISDA  2013 EMIR  NFC Representation Protocol (open since March 2013) is another way of addressing the EMIR  requirements. The Associations were conscious that market participants needed a broader reach of clients than had adhered to the Protocol and developed this industry tool as a complementary way to reach out to the market.
	“ISDA  and Markit launched ISDA  Amend in August 2012, and it has proven to be a hugely successful technology based tool that automates the information gathering process and sharing of data to counterparties required by both EMIR  & Dodd Frank regulation”, said David Geen, ISDA’s General Counsel. “In addition to the ISDA  2013 NFC protocol, the Associations responded to market demand to broaden the reach to enable clients to classify themselves according to the EMIR  taxonomy and together produced the new EMIR  Counterparty Classification Tool on ISDA  Amend.”
	Andrew Rogan, a policy director in the BBA’s Capital Market and Infrastructure division, said: “Many people outside the financial services industry simply aren’t aware that they have to comply with these new regulations. If you don’t comply with EMIR  there are real consequences to how a business can use derivatives to protect itself from risk – you may even be shut out of the market completely. This new platform makes compliance with EMIR  quick and straight forward.”  
	Full press release
      
      
      
      
        © ISDA - International Swaps and Derivatives Association
     
      
      
      
      
      
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