[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-166499-en":3,"doc-seo-166499-105":30,"detail-sidebar-cat-1-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":11,"category_id":12,"category_name":13,"doc_title":14,"doc_description":15,"doc_content":16,"file_id":17,"file_url":18,"file_type":19,"file_size":20,"view_count":4,"is_deleted":4,"is_public":11,"is_downloadable":11,"audit_status":11,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":15,"update_tm":28,"read_time":29},166499,1099523885074,"Riley West","https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc",1,18,"Letters","EXPLANATORY MEMORANDUM - TO THE MASTER REGULATORY REPORTING AGREEMENT","Explanatory memorandum prepared by multiple trade associations to support consideration of the Master Regulatory Reporting Agreement (MRRA) dated 6 December 2023. It clarifies that capitalised terms follow the MRRA definitions and explains how the MRRA helps manage regulatory reporting obligations and client reporting delegation for financial transactions to trade repositories. It outlines the MRRA’s structure, including delegated and mandatory reporting provisions and product-specific annexes for derivatives and securities financing transactions, and advises parties to consult legal advisers.","EXPLANATORY MEMORANDUM TO THE MASTER REGULATORY REPORTING AGREEMENT\nDated 6 December 2023\nThe Futures Industry Association, Inc. (FIA), the International Capital Market Association (ICMA), the International Securities Lending Association (ISLA) and the International Swaps and Derivatives Association, Inc. (ISDA) (together the “Trade Associations”) have jointly prepared this explanatory memorandum (the “Explanatory Memorandum”) to assist in your consideration of the form of the Master Regulatory Reporting Agreement published on 6 December 2023 (the “MRRA”).\nCapitalised terms not otherwise defined herein have the meanings specified in the MRRA.\nTHIS EXPLANATORY MEMORANDUM DOES NOT PURPORT TO BE AND SHOULD NOT BE CONSIDERED A GUIDE TO OR AN EXPLANATION OF ALL RELEVANT ISSUES OR CONSIDERATIONS IN CONNECTION WITH THE MRRA OR COMPLIANCE WITH THE LAWS OR REGULATIONS DETAILED IN THE MRRA. PARTIES SHOULD CONSULT WITH THEIR LEGAL ADVISERS AND ANY OTHER ADVISER THEY DEEM APPROPRIATE PRIOR TO USING THE MRRA. THE TRADE ASSOCIATIONS ASSUME NO RESPONSIBILITY FOR ANY USE TO WHICH ANY OF THEIR DOCUMENTATION OR OTHER DOCUMENTATION MAY BE PUT.\n\u000f\nINTRODUCTION\nThe MRRA is a template agreement that market participants may find useful as part of the management of their regulatory obligations and/or provision of services to their clients relating to the reporting of the details of certain financial transactions to trade repositories.\nPublication and Purpose\nThe MRRA is jointly published by the Association for Financial Markets in Europe (AFME), FIA, ICMA, ISLA and ISDA after consultation with their respective memberships. It formalises the terms of the reporting relationship between two entities, one of whom is reporting (the Reporting Party) on behalf of the other (the Client or Delegating Party), in order to fulfil either its own regulatory reporting obligations under the mandatory reporting regime, or the Client/Delegating Party’s regulatory reporting obligations under the delegated reporting regime. The delegated and mandatory reporting regimes are described below in the ‘Regulatory Background’ section of this Explanatory Memorandum.\nThe MRRA is drafted to cover market participants’ regulatory reporting obligations in respect of derivative transactions under EMIR (as amended by the EMIR REFIT Regulation) and UK EMIR and/or securities financing transactions (“SFTs”) under SFTR and UK SFTR, entered into under standard industry documentation.\nStructure\nThe MRRA consists of a main body (including an introductory section and a section titled ‘General Provisions’), as well as sections on both Delegated Reporting (the ‘Delegated Reporting Provisions’) and Mandatory Reporting (the ‘Mandatory Reporting Provisions’) followed by two product-specific annexes (the ‘Derivatives Annex’ and the ‘Securities Financing Transactions Annex’) and template schedules within which the parties can specify details relating to Static Data, any details relating to their reporting operations and procedures, as well as, in circumstances where an entity executes the MRRA in its role as Agent, a list of Clients, and where it executes the MRRA as Fund Manager, a list of Funds.\nThe MRRA is constructed as a template document. There are provisions throughout each section of the MRRA which the parties will need to bilaterally agree and finalise before entering into the agreement. As noted, the MRRA incorporates wording dealing with both the delegated reporting and mandatory reporting regimes. Where either regime is not applicable to the parties’ trading relationship, the parties are encouraged to delete the wording relating to the redundant reporting regime, as found in either the ‘Delegated Reporting Provisions’ section or the ‘Mandatory Reporting Provisions’ section, as appropriate.\nThe MRRA caters for regulatory reporting obligations under EMIR/UK EMIR and SFTR/UK SFTR under separate annexes, and the relevant annexes have been drafted with a view to ensuring they work independentl","cbCainDkfHYiO6Ra","https://ap.wps.com/l/cbCainDkfHYiO6Ra","docx",160207,27,"English","en",105,"# Introduction\n## Publication and Purpose\n## Structure\n# Prior Delegated Reporting Documentation\n# Regulatory Background\n## EMIR","[{\"question\":\"What is the purpose of the MRRA explanatory memorandum?\",\"answer\":\"It assists parties in considering the form of the MRRA and explains how it supports regulatory reporting obligations and delegated or mandatory reporting relationships.\"},{\"question\":\"What regulatory areas does the MRRA cover?\",\"answer\":\"It is designed to cover regulatory reporting for derivative transactions under EMIR and UK EMIR, and securities financing transactions under SFTR and UK SFTR, under standard industry documentation.\"},{\"question\":\"How does the memorandum describe delegated vs mandatory reporting?\",\"answer\":\"It explains that reporting relationship terms are formalised so either the reporting party meets its own mandatory obligations or the client/delegating party’s obligations are met under delegated reporting.\"}]","EXPLANATORY MEMORANDUM - 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