Commentary Polska - Banking & Finance 1-2013

According to the Commission Regulation dated December 19, 2012 No 1247/2012 derivative transactions:

• Executed before August 16, 2012 and still outstanding on the reporting start date (February 12, 2014) shall be reported to a trade repository within 90 days of the reporting start date
• Executed before August 16, 2012 and outstanding on August 16, 2012, and 
• Executed on, or after August 16, 2012 and that are not outstanding on the reporting start date shall be reported to trade repositories within 3 years of the reporting start date
  In the event of the transactions entered into on, or after August 16, 2012 and still outstanding on the February 12, 2014 (which are not mentioned above) it was widely assumed that the 90 days delay in reporting would apply
• According to the newest information ESMA has declared that the Regulation is not providing for any delay in the reporting obligation for the transactions executed on, or after the commencement date of EMIR and still outstanding on the reporting start date and thus assumes, that the existing portfolios of such transactions shall be reported on the very day of the start of the reporting obligation, according to the state from the previous working day (transaction data)
• Because it is not certain whether Trade Repositories will be allowed to accept reports without counterparty LEI number, it may result in the situation when it will be impossible to fulfil new obligations even for the entities that already have LEI number, in the event their counterparties will not apply and get such number until February 12, 2014