Joint Associations Publish Update to MRRA

The International Securities Lending Association (ISLA), in collaboration with the Association of Financial Markets in Europe (AFME), the Futures Industry Association (FIA), the International Capital Markets Association (ICMA), and the International Swaps and Derivatives Association (ISDA) have published an updated version of the Master Regulatory Reporting Agreement (MRRA) and an accompanying Explanatory Memorandum which sets out the architecture and the background to the MRRA.

Originally published in 2019, the MRRA gives market participants an option to use a single template to help them manage regulatory obligations and to provide services related to reporting under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR).

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 updates to the 2023 version of the MRRA include the following:

•  Changes to address that the UK EMIR and UK SFTR are now operational and that UK SFTR does not apply to NFCs.
•  Amendment of the description of the EMIR Reporting Annexes.
•  Amendments to the Derivative Annex, in respect to Collateral Data.

The MRRA and explanatory memorandum are available here.

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