*UPDATED* Master Regulatory Reporting Agreement

On 6 December 2023, the Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association, Inc. (ISDA) and International Securities Lending Association (ISLA) published an updated version of the Master Regulatory Reporting Agreement (MRRA) to reflect certain changes to the reporting rules under EMIR REFIT, including amendments to the EMIR Reporting Annexes and Derivatives Annex.

The MRRA and Explanatory Notes (along with blacklines against the previously published version) are available by clicking on the documents published on the right-hand side of this page.

For background:

On 19 December 2019, the Association of Financial Markets in Europe (AFME), Futures Industry Association (FIA), International Capital Market Association (ICMA), International Swaps and Derivatives Association, Inc. (ISDA) and International Securities Lending Association (ISLA) have published a new agreement intended to simplify reporting across different European Union regulatory regimes.

The Master Regulatory Reporting Agreement (MRRA) gives market participants an option to use a single template to help them manage regulatory obligations and provide services related to reporting under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). Use of a common template for all reporting relationships under the two rule sets will bring greater efficiency and consistency to the regulatory reporting process.

The MRRA sets out common terms governing mandatory and delegated reporting of derivatives transactions under EMIR, compatible with changes introduced via EMIR Refit, as well as securities financing transactions under the SFTR. The agreement has also been drafted with a view to ensuring these terms remain effective post-Brexit.

The MRRA was developed with the assistance of committees and working groups established by AFME, FIA, ICMA ISDA and ISLA, comprising representatives from both buy- and sell-side firms with expertise in derivatives and securities financing transactions.