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Partner Carolyn Jackson Comments on Compliance With EMIR Reporting Requirements in Risk Magazine

Firm News | January 31, 2014

Carolyn Jackson, a partner in Katten Muchin Rosenman UK LLP, is quoted in Risk magazine regarding the inability of many market participants to comply with new European derivatives reporting requirements. European trade reporting rules, which will take effect in February 2014, are broader than those mandated by US regulators and require both parties to a transaction to report trade data to one of six authorized repositories. Despite concerns that market participants will be unable to meet the deadline and will be forced to rely on regulators to forbear in their enforcement of underlying laws, Carolyn says market supervisors in the United Kingdom are taking a pragmatic approach. Regulators will likely expect market participants to show they are working towards implementation, and are using realistic timelines. She adds, “My clients want to comply. But meeting the reporting requirements has been difficult for them because there have been no clear guidelines as to what to do and when to do it.” (“Many Firms Will Not Meet EMIR Reporting Deadline, Says ISDA’s Pickel,” January 27, 2014)