Central Bank Notice for Derivative Users in Ireland
On 8 January 2015, the Central Bank published an important notice for users of derivatives in Ireland regarding the European Market Infrastructure Regulation (EMIR). This notice is relevant to Non-Financial Counterparties under EMIR (NFCs).
In the notice, the Central Bank requests every NFC that has entered into a derivative transaction since 12 February 2014 to email its contact details to emir@centralbank.ie This is to facilitate the Central Bank in establishing the number of NFCs in Ireland, for the purpose of carrying out its EMIR supervisory functions.
The Central Bank also invites NFCs to attend a 27 January information session regarding the proposed NFC supervisory process and EMIR regulatory reporting requirements. This information session follows on from the consultation paper published by the Central Bank on 4 December 2014 in which the regulator outlined its proposed approach to supervising NFCs under EMIR. NFCs that wish to attend the information session should contact emir@centralbank.ie by close of business on 16 January 2015.
This document has been prepared by McCann FitzGerald LLP for general guidance only and should not be regarded as a substitute for professional advice. Such advice should always be taken before acting on any of the matters discussed.
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