imported>Doug Williamson |
imported>Doug Williamson |
| Line 1: |
Line 1: |
| ''Financial markets - regulation - infrastructure.''
| | In certain circumstances financial statements may contain information about a matter which has been appropriately presented or disclosed, but which the auditors deem to be fundamental to the users’ understanding of the financial statements as a whole.<br /> |
|
| |
|
| The European Market Infrastructure Regulation (EMIR) became law within the European Union in 2012, although certain of its requirements came into force only after a period of delay. | | The auditors will draw attention to this matter in their auditors' report of their opinion.<br /> |
| | | This part of the auditors' opinion is known as an ‘emphasis of matter’. |
| The objective of EMIR is to reduce the risks posed to financial systems from the vast web of [[over the counter]] (OTC) derivative transactions and the large contingent credit exposures that may arise as a consequence.
| |
| | |
| | |
| The Regulation achieves this object by three significant requirements for:
| |
| | |
| #Central clearing and margining of standardised OTC derivatives (with certain exemptions for Non-Financial Counterparties)
| |
| #Reporting of all derivative transactions to a trade repository
| |
| #Risk mitigation measures for all non cleared derivatives including collateral exchange and confirmation and reconciliation procedures
| |
|
| |
|
|
| |
|
| == See also == | | == See also == |
| * [[AIFMD]] | | *[[Auditors’ report]] |
| * [[Buy-side firm]]
| |
| * [[Central counterparty]] (CCP)
| |
| * [[CFTC]]
| |
| * [[Clearing]]
| |
| * [[Central securities depository]] (CSD)
| |
| * [[Derivative instrument]]
| |
| * [[Dodd-Frank]]
| |
| * [[Dual reporting]]
| |
| * [[European Securities and Markets Authority]] (ESMA)
| |
| * [[European Union]]
| |
| * [[FATCA]]
| |
| * [[FC]]
| |
| * [[Infrastructure]]
| |
| * [[Know-your-customer]]
| |
| * [[Legal entity identifier]]
| |
| * [[Margining]]
| |
| * [[MiFID]]
| |
| * [[MiFID II]]
| |
| * [[NFC]]
| |
| * [[Over the counter]] (OTC)
| |
| * [[Pension Scheme Arrangement]]
| |
| * [[Regulatory Technical Standard]] (RTS)
| |
| * [[Securities and Exchange Commission]] (SEC)
| |
| * [[SSR]]
| |
| * [[Trade repository]]
| |
| * [[UK EMIR]]
| |
| * [[UTI]]
| |
| * [[WGMR]]
| |
| | |
| | |
| ==External link ==
| |
| [https://www.fca.org.uk/markets/uk-emir UK EMIR - Financial Conduct Authority]
| |
|
| |
|
| [[Category:Accounting,_tax_and_regulation]] | | [[Category:Accounting,_tax_and_regulation]] |
| [[Category:Corporate_financial_management]]
| |
| [[Category:Risk_frameworks]]
| |
In certain circumstances financial statements may contain information about a matter which has been appropriately presented or disclosed, but which the auditors deem to be fundamental to the users’ understanding of the financial statements as a whole.
The auditors will draw attention to this matter in their auditors' report of their opinion.
This part of the auditors' opinion is known as an ‘emphasis of matter’.
See also
