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
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