NORFSA EMIR New Reporting Regime

On Sep. 14, NORFSA expects companies to follow the new EU regime.

  • NORFSA confirmed it expects supervised entities and other relevant actors to comply with EMIR Refit and the two new Commission Regulations issued by the EU CMSN.
  • Said that NORFSA will use these regulations as a basis for its supervisory follow-up.
  • Follows EC Dec. 2022 proposals on clearing, insolvency and listing, see #155735.
  • Follows, ESMA Dec. 2022, issued guidelines/technical documentation, see #157256.
  • Overview
  • EMIR, included in Norwegian law in Securities trading act § 17-1 first para, stipulates in Art 9 no. 1 derivative counterparties and central counterparties must, as a general rule, report all derivative contracts they have entered into to a transaction register.
  • EU CMSN Regs 1247/2012, 148/2013 determine how the reporting must take place.
  • These regulations are part of Norwegian law in § 16-2 of the Securities Regulations.
  • EU Reg 2019/834 (EMIR Refit) makes major changes to EMIR and as a result, the EU CMSN adopted two commission regulations, 2022/1855 and 2022/1860, with new rules on how derivatives reporting to a transaction register must take place.
  • At the same time, the previous commission regulations on reporting are repealed.
  • EMIR Refit/the new regulations have not yet been incorporated into Norwegian law.
  • Effectiveness
  • The new reporting regime is introduced by the EU as from Apr. 29, 2024.

Regulators NORFSA
Entity Types B/D; Depo; Exch; OTC
Reference PR, 9/14/2023; Gd ESMA74-362-2281; EMIR Reg 648/2012; EMIR Refit Reg 2019/834; RTS 2022/1855; RTS 2022/185
Functions Compliance; Financial; Legal; Operations; Registration/Licensing; Reporting; Risk; Trade Reporting; Treasury
Countries Norway
Products Derivatives; Securities
Regions EMEA
Rule Type Final
Rule Date 9/14/2023
Effective Date 4/29/2024
Rule Id 184909
Linked to Rule :155735
Reg. Last Update 9/14/2023
Report Section EU

Last substantive update on 09/18/2023