Financial Conduct Authority CEO Martin Wheatley (pictured) urged firms to ensure that they are ready for the 12 February 2014 launch of derivative trades reporting under EMIR.
“We have started to review firms’ compliance with EMIR in terms of the business conduct regulations already in place,” Wheatley said in a recent speech to the ICI Global Trading and Market Structure Conference, “and will also be checking firms’ preparations for the February start date in the coming weeks.”
He said: “It bears repeating that firms should be making sure the relevant data is available internally, as well as arranging direct access to a trade repository or delegated reporting facilities.” He also encouraged firms to get a legal entity identifier “as soon as possible”.
“As I understand it, this is a relatively quick and straightforward process. But vital to the overall success of reporting to trade repositories,” he said.
His speech was a review of some of the regulatory issues coming in 2014. “Some of this regulatory detail may sound rather arid and technical but it is important,” he said. “Ultimately the big reforms succeed, or fail, on matters of small detail, not grand principle. So the custodianship of this final leap from paper to practice is an area we all have a stake in.”
His speech is available here.