These frequently asked questions have been compiled following comments REGIS-TR has received from customers and market participants concerning Brexit.
Has REGIS-TR relocated any part of the TR business as a result of Brexit?
Yes. REGIS-TR UK LTD was incorporated on 11 March 2019 to maintain a continuous reporting stream for UK clients. We have also maintained our existing EU TR status to provide reporting services to firms in the EU-27.
Is it be possible for a UK entity to use an EU entity to report its business to the UK TR?
Yes it is - in this case, the EU entity will need to onboard onto REGIS-TR' UK LTD.
Is there any group rebate scheme in place that can apply for activities conducted by different entities of the same group (e.g. EU reporting activity to EU TR and UK reporting activity to UK TR)?
The requirements of both (EU) EMIR and UK EMIR, are that the two systems must remain operationally and financially separate from one another, therefore it is not possible to provide discounted or group rates where firms report to both the UK and EU TRs.
We are a UK entity reporting to RTR - what is the impact from Brexit?
From 1 January 2021, UK firms are no longer obliged to report under (EU) EMIR, but have a comparable reporting obligation under the UK's version of EMIR - such reporting must be sent to a REGIS-TR UK, authorised by the FCA.
We are a EU entity reporting to RTR - what was the impact from Brexit?
EU entities will continue to report their data to EU TRs. Note that where your counterparty is domiciled in the UK, from 1 January 2021,they will no longer report to an EU TR, and therefore your data will no longer be included in the EU Inter-TR reconciliation.