European Market Infrastructure Regulation

Transaction Reporting

Background

Under the European Market Infrastructure Regulation (“EMIR”), Financial Counterparties (“FCs”) and Non-Financial Counterparties (both “NFC+” and “NFC-”) established in the European Union (“EU”) are required to report details of executed derivative contracts entered into on or after 12th February 2014 (including the details of any modification or termination of such contracts) to a trade repository registered with or recognised by ESMA (an “EU TR”). This obligation (the “EMIR reporting obligation”) extends to exchange traded derivative (“ETD”) and over-the-counter derivative (“OTC”) contracts. Non-EU entities and non-EU subsidiaries are not subject to the EMIR reporting obligation.

The European Commission's Regulatory Fitness and Performance programme in 2016, assessed the existing requirements under EMIR to determine whether they could be simplified and whether certain compliance costs that were considered disproportionate could be eliminated. This led to a new Regulation (“EMIR REFIT”), which came into effect on 18th June 2019 to amend certain provisions of EMIR, including with respect to transaction reporting.

Pursuant to EMIR Refit, as from 18th June 2020, FCs established in the EU are responsible for the reporting of in-scope OTC derivative contracts with their NFC- counterparties established in the EU only. Accordingly, as from this date, Deutsche Bank AG (including its London Branch) (“Deutsche Bank”) is legally responsible for reporting such OTC derivative contracts to an EU TR on behalf of its NFC- counterparties established in the EU.

UK EMIR Transaction Reporting

With effect from 1st January 2021, market participants established in the UK will be subject to EMIR as it forms part of UK domestic law (“UK EMIR”). UK EMIR requires FCs established in the UK (“UK FCs”) and both NFC- and NFC+ established in the UK (together, “UK NFC”) to report details of executed derivative contracts (including the details of any modification or termination of such contracts) to a trade repository registered with or recognised by the Financial Conduct Authority (“UK TR”).

This obligation (the “UK EMIR reporting obligation”) extends to ETD and OTC contracts. The UK EMIR reporting obligation applies to counterparties established in the UK only. Non-UK entities and non- UK subsidiaries are not subject to the UK EMIR reporting obligation.

Under UK EMIR, UK FCs are legally responsible for the reporting, on a mandatory basis, of in-scope OTC derivative contracts entered into with their UK NFC- counterparties. Deutsche Bank will not be a UK FC for UK EMIR purposes and so will not have a mandatory obligation to report in-scope OTC derivative contracts on behalf of UK NFC- counterparties.

Accordingly, with effect from 1st January 2021, UK NFC- clients entering into OTC derivative contracts with DBAG will be legally responsible for reporting in-scope OTC derivative contracts to a UK TR. 

Deutsche Bank’s EMIR/UK EMIR Transaction Reporting Service

With respect to EU EMIR, Deutsche Bank is offering a reporting service to the DTCC Data Repository (Ireland) Plc, an EU TR, to help our NFC+ and FC clients comply with their EMIR reporting obligations.

With respect to UK EMIR, Deutsche Bank is offering a reporting service to the DTCC Derivatives Repository Ltd, a UK TR, to help our UK NFC and UK FC clients comply with their UK EMIR reporting obligations. For more information on DBAG’s EMIR and UK EMIR transaction reporting service, please contact Deutsche Bank at emir.reporting@db.com

Schedule of Excluded Contracts and Information

The following PDF shall constitute (and shall replace any previous versions of) the “Schedule of Excluded Contracts and Information” or “SOL”, as applicable, as referred to in each of the following agreements which relate to the provision of DBAG’s EMIR and UK EMIR transaction reporting service: “Agreement for the Provision of Transaction Reporting Services”, “EMIR Delegated Reporting Agreement” and “UK EMIR Delegated Reporting Agreement” (the “Agreements”):

Schedule of Excluded Contracts and Information

Schedule of Reporting Delegates

The following PDF details the Deutsche Bank entities with whom clients may have entered into derivative contracts and accordingly may have either an EMIR and/or UK EMIR reporting obligation.  This PDF updates and replaces Schedule 3 of each of the Agreements:

Schedule of Reporting Delegate Entities in relation to which Client may have entered into Derivative Contracts and have Reporting Obligations

Legal Entities

All counterparties subject to EMIR/UK EMIR reporting obligations are required to register for, and maintain, a valid Legal Entity Identifier (“LEI”) for each separate legal entity in its group that engages in reportable transactions.

A LEI is a number that corresponds to a legal entity (excluding natural persons). The intent of the LEI is to uniquely identify a legal entity on a worldwide basis — no two legal entities anywhere in the world will have the same LEI, and for any legal entity there is only one LEI to identify it.

Deutsche Bank’s EU Legal Entities and LEIs are listed below:

Registered Name LEI
Deutsche Bank AG (including London Branch) 7LTWFZYICNSX8D621K86
Deutsche Bank Luxembourg S.A. 529900FIAMEJDQ8C9097
Deutsche Bank Polska Spólka Akcyjna 529900CFOWM2V62I4634
Deutsche Bank Società per Azioni 529900SS7ZWCX82U3W60
Deutsche Bank, Sociedad Anónima Española 529900SICIK5OVMVY186
Deutsche Holdings No. 3 Limited 529900SVE09UXRXL5B58
DB Covered Bond S.r.l. 529900Y3O6X652Z2AN33
Deutsche Bank Nederland N.V. 529900K911JOYFNMOV10

Deutsche Bank’s UK Legal Entities and LEIs are listed below:

Registered Name LEI
DB UK Limited 529900HNH6UOOF40A490

For more information, please contact Deutsche Bank at emir.reporting@db.com