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Regulations
At Resolve DTR, we understand that navigating the global maze of derivative trade reporting regulations can feel overwhelming. From Europe to Australia, Singapore to the UK, we’ve summarised the essentials for these key regions to help you stay compliant, wherever you do business.
Europe
The European Market Infrastructure Regulation (EMIR) governs derivatives transaction reporting in the European Union. It was introduced in 2012 to increase market transparency, mitigate systemic risk, and improve regulatory oversight.
Regulatory supervision is carried out by the European Securities and Markets Authority (ESMA), responsible for harmonisation and oversight, and National Competent Authorities (NCAs) in each EU member state, which enforce compliance at the national level.
The EMIR Refit update came into effect on April 29, 2024.
EMIR applies to all counterparties engaging in derivatives transactions, including both OTC and exchange-traded derivatives (ETDs).
Financial Counterparties (FCs):
Non-Financial Counterparties (NFCs) which are companies not classified as financial institutions. Further divided into:
Reportable Transactions include all OTC and exchange-traded derivatives across interest rate, FX, credit, equity, and commodity asset classes.
Both new trades and lifecycle events (e.g., modifications, terminations) must be reported.
Reports are submitted to licensed Trade Repositories (TRs) in ISO 20022 XML format.
Delegated reporting is allowed, where FCs report on behalf of NFC- entities.
The Markets in Financial Instruments Regulation (MiFIR) and Markets in Financial Instruments Directive II (MiFID II) govern securities transaction reporting across the European Union. These regulations aim to enhance market transparency, improve investor protection, and strengthen financial market integrity.
Supervision is carried out by the European Securities and Markets Authority (ESMA) – oversees harmonisation and data collection at the EU level – and National Competent Authorities (NCAs) which are responsible for enforcement in each member state.
The last update, MiFIR Review, came into effect on 3 February 2025.
Reportable transactions are equities, bonds, ETFs, derivatives, and structured finance products traded on EU-regulated venues, including transactions executed on-exchange and over-the-counter (OTC).
Reports are submitted through Approved Reporting Mechanisms (ARMs) or directly to NCAs.
Pre-trade and post-trade transparency obligations apply to trading venues and systematic internalisers (SIs)
The Securities Financing Transactions Regulation (SFTR) governs the reporting of securities financing transactions (SFTs) in the EU. Its goal is to improve transparency in repo markets, securities lending, and margin lending activities.
Supervision is carried out by the European Securities and Markets Authority (ESMA) which oversees compliance and ensures consistent implementation, and National Competent Authorities (NCAs), responsibe for the enforce SFTR reporting obligations at the country level.
Under the Securities Financing Transactions Regulation (SFTR), the obligation to report transactions applies to various entities engaging in securities financing transactions (SFTs). Reporting must be performed by:
Financial Counterparties (FCs), including:
Non-Financial Counterparties (NFCs):
Branches:
Central Securities Depositories (CSDs) must report settlement-related SFTs.
Reportable transactions include:
Reports are submitted electronically to licensed Trade Repositories (TRs), including REGIS-TR, DTCC, and UnaVista.
United Kingdom
The UK European Market Infrastructure Regulation (UK EMIR) governs derivatives transaction reporting in the UK. This framework was onshored from EU EMIR following Brexit.
It is regulated by rhe Financial Conduct Authority (FCA) which ensures compliance with derivatives reporting requirements, and the Bank of England (BoE), responsible for supervision of Central Counterparties (CCPs) and financial market infrastructures.
UK EMIR Refit became effective on 30 September 2024.
UK EMIR applies to all counterparties engaged in derivatives trading:
Financial Counterparties (FCs):
Non-Financial Counterparties (NFCs) which are corporates and entities not classified as financial institutions:
Reportable transactions are all OTC and exchange-traded derivatives (ETDs) across interest rate, FX, credit, equity, commodity, and emissions asset classes.
Report must include new trades, modifications, and lifecycle events.
Reports submitted to FCA-registered Trade Repositories (TRs) (e.g., DTCC, UnaVista, REGIS-TR).
The Markets in Financial Instruments Directive II (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) were onshored into UK law post-Brexit as UK MiFID II/MiFIR. These regulations enhance market transparency and investor protection.
Regulatory supervision is conduted by the Financial Conduct Authority (FCA) – oversees securities transaction reporting – and UK Treasury – determines policy direction for UK MiFID II/MiFIR.
Reportable transactions consist of equities, bonds, ETFs, derivatives, structured finance products traded on UK-regulated venues and include transactions executed both on-exchange and over-the-counter (OTC).
Reports submitted via Approved Reporting Mechanisms (ARMs) or directly to the FCA Market Data Processor (MDP).
Pre-trade and post-trade transparency apply to trading venues and systematic internalisers (SIs).
The UK Securities Financing Transactions Regulation (UK SFTR) governs reporting of securities financing transactions (SFTs), enhancing market transparency in repo and securities lending markets.
Regulatory supervision is executed by the Financial Conduct Authority (FCA) which ensures UK SFTR compliance, and Bank of England which monitors systemic risks in securities financing markets.
Only Financial counterparties (such as banks, investment firms, insurance firms, pension funds, UCITS, and AIFs) must report under UK SFTR.
UK Non-Financial Counterparties (NFCs) are exempt from UK SFTR.
Reportable Transactions include:
FCA-recognised TRs receive and store SFT reports.
Singapore
The Monetary Authority of Singapore (MAS) enforces derivatives reporting under the Securities and Futures Act (SFA) and the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 (SF(RDC)R).
The last update, MAS Rewrite, came into effect on 21 October 2024.
OTC derivatives transactions fall into five main asset classes: interest rate, FX, credit, equity, and commodity.
Reports must include contract details, counterparty data, valuation, and collateral. A trade must be reported if it is executed in Singapore or booked in Singapore, even if executed elsewhere.
All data is reported to licenced trade repositories.
Australia
The Australian Securities and Investments Commission (ASIC) enforces derivatives reporting under the Corporations Act 2001 and ASIC Derivative Transaction Rules (Reporting) 2024.
The last update, ASIC Rewrite came into effect on 21 October 2024.
OTC derivatives subject to reporting requirements include interest rate, foreign exchange, credit, equity, and commodity derivatives, with the exception of electricity derivatives, which are exempt from reporting obligations.
Lifecycle reporting applies to all asset classes and covers transaction- and position-levels.
Reports include transaction economics, collateral and valuation data.
All data is reported to licenced trade repositories.