Trésorier/Treasurer magazine - N°88 - Jan/Fev/Mar 2015 - (Page 56)

LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°88 - JAN / FEB / MAR 2015 NEWS 56 - EMIR implementation for corporates: to improve the accounting for ﬁnancial instruments EACT (European Association of Corporate Treasurers) has sent in October 2014 a letter to Steven Maijoor, Chairman of ESMA (European Securities and Markets Authorities) in order to underline couple of issues corporate treasurers faced with Trade Repositories' (TR) new requirements. For several years, Non-Financial Companies (NFC's) have provided strong efforts and committed important resources towards IT developments to achieve implementing the reporting obligation under Regulation (EC) no. 648/2012 dated 4 July 2012 (European Markets Infrastructure Regulation) (commonly referred to as "EMIR"). End of September 2014, treasurers were surprised and disappointed to find out that ESMA has requested from trade repositories to add data validation requirements which will compel corporations to perform significant changes on their IT systems at short notice. EACT wrote to raise ESMA attention on the difficulties that corporates still are facing when implementing the new changes to the reporting files requested by the TR's. It was noted that these difficulties could prevent or prevented many of them from meeting the 1st of December 2014 deadline. The main issue here relates to the TRs' communication, which required compulsory amendments to the reporting files to be implemented by the 1st of December: 30 fields out of 80 had to be modified, necessity to agree on a new process for providing UTI, empty fields ... It was also stressed that the ESMA's EMIR Q&A on these matters was only published last Friday, 24 October 2014. Files not updated by 1st December were not uploaded on the TR platforms, which effectively mean creating an immediate breach of compliance with EMIR's reporting obligation. EACT therefore strongly and kindly requested that ESMA supports an extended transitory period, which could enable these changes to be implemented in a reasonable and practicable way. ESMA had to be made aware of these difficulties and had an opportunity to help clear them, in particular by interacting with the TRs, to the maximum extent possible. We will keep our readers informed about future developments and the coming "EMIR2". François Masquelier Chairman of ATEL

Table des matières de la publication Trésorier/Treasurer magazine - N°88 - Jan/Fev/Mar 2015

Cover
Table of contents
EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW From Legal Entity Management to Bank Account Management - LVMH case study
FOCUS
Treasurers, do you have any BEPS?
Reguvolution
7 Ways to impress your CFO boss starting now
FORUM
How to do more with less
Repo made easy
Comment combiner rendement, liquidité et gestion des risques pour sa trésorerie : l'exemple français
Les stratégies d'Alpha, à la rescousse d'un environnement de taux faibles
CORPORATE FINANCE
The benefits of collateral for the corporate treasurer
Les états financiers dans le cadre d'EMIR - que réserve l'avenir?
VAT changes as from 2015: new reimbursement procedure of VAT credit
Investissement des entreprises - une nouvelle ère pour la trésorerie
15 MINUTES AVEC USG Finance Professionals
THE RISK OBSERVATORY
NEWS
LIFE BEYOND NUMBERS

Trésorier/Treasurer magazine - N°88 - Jan/Fev/Mar 2015