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EMIR questionnaire in the Due Diligence stage

Updated on April 12, 2022

The EMIR questionnaire is encapsulated in a KYC Type available in the Due Diligence stage. It has six item groups:

  1. Products applicability
  2. Jurisdiction
  3. Classification
  4. Clearing obligation
  5. Risk mitigation requirements
  6. Reporting

Product applicability’ merely indicates the reason why the EMIR questionnaire is displayed, that is because in the Global questionnaire it has been indicated that the customer wants to trade certain OTC products subject to EMIR.

‘Jurisdiction’ is the item group where the user indicates from a jurisdictional point of view the relevant customer type amongst the various EU as well as EU equivalent and non-equivalent third country scenarios.

‘Classification’ is where the determination of the customer classification occurs. The possible values – whose definition is then displayed upon its selection – are:

  • Financial Counterparty above clearing threshold (FC+)
  • Financial Counterparty below clearing threshold (FC-)
  • Fully Exempted Entity
  • Non-Financial Counterparty above clearing threshold (NFC+)
  • Non-Financial Counterparty below clearing threshold (NFC-)
  • Partially Exempted Entity
  • Third Country Entity (TCE)

In this item group the user must also indicate the classification of the financial institution that is onboarding/reviewing the customer, which can only be either FC+, FC-, or TCE.

‘Clearing obligation’ is where data related to clearing requirements is collected. This item group is displayed for certain combinations of products and customer classifications.

Clearing is the process by which two parties to an OTC derivative contract replace this one contract with two separate ones with a CCP; consequently, the CCP takes over the position of each party in the original contract, thus making now the CCP the counterparty to each of the two original parties.

‘Risk mitigation requirements’ is where data related to risk mitigation techniques is collected. Such techniques include timely confirmation of trades, dispute resolution processes in place, portfolio reconciliation and compression. Risk mitigation requirements applies to OTC derivatives which are not cleared via CCPs.

‘Reporting’ is the item group supporting the process by which details related to derivatives and their counterparties are submitted to a trade repository.

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