Communication NBB_2020_048 / EMIR Inquiry Observations and Bank Expectations

The National Bank of Belgium informs credit institutions, insurance and reinsurance undertakings, brokerage firms, payment institutions, and Belgian resolution bodies of findings from a 2020 EMIR compliance inquiry involving 15 selected financial institutions. The document outlines the three main EMIR obligations regarding trade reporting, central clearing, and risk mitigation techniques for non-centrally cleared OTC derivatives. It requires all supervised institutions to implement recommendations based on identified best practices and deficiencies by the end of September 2021. The Bank will continue to monitor compliance levels through future supervisory actions.

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NBB_2020_048 – December 22, 2020 Communication – Page 1/2 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 38 12 company number: 0203.201.340 RPM Brussels www.bnb.be

Communication
Brussels, December 22, 2020
Reference: NBB_2020_048 your contact:
Rita Tam tel. +32 2 221 45 16 rita.tam@nbb.be

EMIR Inquiry Observations and Bank Expectations

Scope
Credit institutions, insurance and reinsurance undertakings, brokerage firms, payment institutions, and Belgian resolution bodies (hereinafter "the institutions"), as defined in Article 2, paragraphs 8 and 9 of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter the "EMIR Regulation" or "EMIR").

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Lineage: In force

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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works