EMIR Regulatory Return (ERR) 

In order to fulfil its responsibilities under EMIR the Central Bank may require counterparties that are not exempt from the requirement, to complete an EMIR Regulatory Return (“ERR”).

A completed ERR is required in two instances:

1. An ERR, assessed by a third party, is required by the Central Bank on an exceptional basis primarily in cases of non-compliance.  Relevant counterparties will be advised directly by the Central Bank.

2. For the purpose of assessing compliance with EMIR an ERR, without the third party assessor regime, is required on an annual basis (“the Annual ERR”) from NFCs that have significant derivative positions.  Relevant counterparties will be notified by the Central Bank on a bilateral basis and will be required to complete the Annual ERR for that year and on an annual basis thereafter. 

All completed ERRs should be addressed to,   EMIR Unit, Securities and Markets Supervision Division, Central Bank of Ireland, Block D, Iveagh Court, Harcourt Road, Dublin 2.  Alternatively responses may be emailed to emir@centralbank.ie.

A soft copy of the ERR is available here.

Feedback on the ERRs received

The Central Bank undertook a detailed review of a selection of ERRs submitted for the period ending 31 December 2015.  The attached letter provides feedback on issues identified and recommendations of how compliance with EMIR can be improved.