EMIR – Client Delegated Reporting Service Agreement
The reporting obligation applies to both listed and over-the-counter (“OTC”) derivatives trades, across all asset classes. It also applies retrospectively to derivatives trades entered into:
- on/after 16 August 2012; and
- before 16 August and still outstanding on 16 August 2012.
Please note that there is still a lot of uncertainty in the market with respect to the reporting of listed derivatives. As a result, as far as we could determine, market participants as well as service providers are not operationally ready to fully support the reporting of listed derivatives as of 12 February 2014.
The start date of the reporting obligation is 12 February 2014. As of that date counterparties have to start submitting information relating to their derivatives trades to designated trade repositories.
ING is offering the delegated reporting service solely with respect to OTC derivatives transactions entered into between its clients and ING (including the reporting of historical trades ).
Due to the uncertainty with respect to the reporting of the listed derivatives, ING will not offer the delegated reporting service for this type of derivatives at this stage.
ING is only offering a full delegated reporting service. This implies the reporting of all transaction details on your behalf, i.e. both the common and the counterparty data. You cannot differentiate on a type of product to be reported on your behalf, nor can you choose only particular transaction details or events to be reported.
ING will be the UTI generating party for the derivatives transactions reported on your behalf.
ING will be reporting derivatives transactions to DTCC Derivatives Repository Ltd. (DDRL).
In order to enable ING to report on your behalf, you are required to obtain a LEI (Legal Entity Identifier) issued by an endorsed LOU (Local Operating Unit) of the Global Legal Entity Identifier System. Please note that you may be charged a fee by a LOU for registering for a LEI. The list of endorsed LOUs is available at: www.leiroc.org
For the practical aspects and information of LEI for corporates (other than financial institutions): www.febelfin.be
To register for a LEI at CICI utility: www.ciciutility.org
Please note that you must obtain a LEI by yourself. ING cannot obtain a LEI on your behalf.
ING has developed a bilateral Delegated Service Agreement (“DSA). If you wish to delegate the performance of your reporting obligation to ING, please contact your Financial markets sales contact.
At the outset, ING is offering the delegated reporting service free of charge subject to the terms and conditions of the DSA. However, please note that ING will inform you in advance should it decide to change its fee structure in the future.
You may register with DDRL yourself in which case please contact DDRL directly for information regarding registration, fees and costs. The DDRL website is available at: www.dtcc.com
Your registration with DDRL is not required to make use of ING’s delegated reporting service.
If you wish to delegate the performance of your EMIR reporting obligation to ING, please read the DSA carefully, then sign it and return to us by replying to this letter at your earliest convenience, accompanied by a copy of your signing authority.
ING is offering the delegated reporting service in good faith using all due skill, care and diligence you can expect from a professional financial institution whereas, pursuant ultimate responsibility for reporting remains with you.
Please consult your own independent legal counsel should you require legal advice as to the implications and consequences of compliance for your institution with EMIR, including with respect to the delegated reporting service and signing ING’s Delegated Reporting Service Agreement.