François Cosnier avatar
Written by François Cosnier
Updated over a week ago

EMIR (for European Market Institution Regulation) regulates over-the-counter (OTC) derivates, such as forward contracts, and includes reporting as well as risk management standards.

The objective of EMIR is to reduce systemic counter-party and operational risk and help prevent financial system collapses.

iBanFirst and their clients are subject to EMIR. As such, some obligations apply, including:

  • Clients must be identified by a unique identified called LEI (for Legal Entity Identifier)

  • Every new forward contract must be reported as well as any forward contract modification

  • Collateral deposited by iBanFirst clients must be reported

Clients can get an LEI or renew an existing LEI from any LOU (for Local Operating Unit), including:

iBanFirst can also take care of getting an LEI or renewing your existing LEI for you.

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