Joint associations publish MRRA update
06 December 2023 Global
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The International Capital Market Association (ICMA), in collaboration with a group of associations, has published an update to the Master Regulatory Reporting Agreement (MRRA) and the accompanying Explanatory Memorandum.
The MRRA provides users with a template agreement for documenting regulatory reporting arrangements for securities financing transactions and derivatives entered into under industry standard documentation, such as the Global Master Repurchase Agreement (GMRA).
Originally published in 2019, the MRRA sets out common terms governing mandatory and delegated reporting of SFT transactions under the Securities Financing Transactions Regulation (SFTR), as well as derivatives transactions under the European Market Infrastructure Regulation (EMIR) compatible with changes introduced via EMIR Refit.
The recent updates to the agreement include changes in recognition that the UK SFTR and UK EMIR are now operational, and that UK SFTR does not apply to non-financial counterparties (NFCs).
Amendments to the description of the EMIR Reporting Annexes and to the Derivative Annex, in respect to collateral data, are also present in the revised version.
The updates were jointly published by the International Securities Lending Association (ISLA), International Swaps and Derivatives Association (ISDA), Futures Industry Association (FIA) and the Association for Financial Markets in Europe (AFME).
The MRRA provides users with a template agreement for documenting regulatory reporting arrangements for securities financing transactions and derivatives entered into under industry standard documentation, such as the Global Master Repurchase Agreement (GMRA).
Originally published in 2019, the MRRA sets out common terms governing mandatory and delegated reporting of SFT transactions under the Securities Financing Transactions Regulation (SFTR), as well as derivatives transactions under the European Market Infrastructure Regulation (EMIR) compatible with changes introduced via EMIR Refit.
The recent updates to the agreement include changes in recognition that the UK SFTR and UK EMIR are now operational, and that UK SFTR does not apply to non-financial counterparties (NFCs).
Amendments to the description of the EMIR Reporting Annexes and to the Derivative Annex, in respect to collateral data, are also present in the revised version.
The updates were jointly published by the International Securities Lending Association (ISLA), International Swaps and Derivatives Association (ISDA), Futures Industry Association (FIA) and the Association for Financial Markets in Europe (AFME).
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