A large proportion of corporate treasurers have missed the deadline for the implementation of new rules for derivatives reporting and are falling behind on preparations for more requirements later this year, according to the UK’s Association of Corporate Treasurers (ACT).
Rules under the European Markets Infrastructure Regulation (EMIR), which came into force on March 15, require non-financial companies that use derivatives to provide daily valuations of their positions, as part of their internal valuation process, and timely bilateral confirmations.
However, in an ACT survey, just 38% of companies said their implementation projects are up and running, with 41% saying they are starting to think about it and 21% having done nothing yet.