On the 14th of October, 2019, the CSSF published its press release 19/49 presenting the results of the EMIR IFM questionnaire sent in August 2018 with a view of collecting IFMs' self-assessment on the existence of adequate EMIR monitoring and oversight procedures to ensure that the IFM, and the funds under their management, comply with EMIR obligations.
In its press release, the CSSF highlights that, generally, IFMs need to improve the supervision and oversight of their EMIR obligations in particular in relation to the two following main areas:
- Formalization of adequate procedures and arrangements to cover the supervision of all EMIR obligations and documentation of the IFMs' assessment of the applicable obligations;
- Organization of an adequate oversight of the delegated EMIR obligations, including initial and ongoing due diligence on the delegate, arrangements that clearly establish the roles and responsibilities and adequate oversight by the IFM.
The CSSF also indicates that future work will be conducted to assess the compliance with EMIR requirements as well as act to improve the data quality of trades reported to trade repositories.
Ultimately, IFMs are reminded that they must take into consideration the recently adopted EMIR Refit and amend their procedures to comply with all the modifications introduced.
The press release 19/49 can be obtained here.
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