Template:EMIR 11(1): Difference between revisions
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{{emirprov|11(1)}}. Financial counterparties and non-financial counterparties that enter into an {{ | {{emirprov|11(1)}}. {{euregprov|Financial counterparties|EMIR}} and {{euregprov|non-financial counterparties|EMIR}} that enter into an {{euregprov|OTC derivative contract|EMIR}} not cleared by a {{emirprov|CCP}}, shall ensure, exercising [[due diligence]], that appropriate procedures and arrangements are in place to measure, monitor and mitigate operational risk and [[counterparty credit risk]], including at least: <br> | ||
:(a) the timely confirmation, where available, by electronic means, of the terms of the relevant OTC derivative contract; <br> | :(a) the timely confirmation, where available, by electronic means, of the terms of the relevant {{euregprov|OTC derivative contract|EMIR}}; <br> | ||
:(b) formalised processes which are robust, resilient and auditable in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts. <br> | :(b) formalised processes which are robust, resilient and auditable in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts. <br> | ||
Latest revision as of 11:35, 31 August 2017
11(1). Financial counterparties and non-financial counterparties that enter into an OTC derivative contract not cleared by a CCP, shall ensure, exercising due diligence, that appropriate procedures and arrangements are in place to measure, monitor and mitigate operational risk and counterparty credit risk, including at least:
- (a) the timely confirmation, where available, by electronic means, of the terms of the relevant OTC derivative contract;
- (b) formalised processes which are robust, resilient and auditable in order to reconcile portfolios, to manage the associated risk and to identify disputes between parties early and resolve them, and to monitor the value of outstanding contracts.