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QA2022-37 - [FMIR] Correspondent account level

QA2022-37 - [FMIR] Correspondent account level

Feb 01, 2024
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Resolution Reporting Subject Matter Guidance
Guidance Documents FMIs
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Unique Identifier

QA2022-37

Question


For Correspondent Banks with we have more than one Nostro Account in different currencies and stablished in more than one country, should we report the correspondent bank grouped in one code and with same governing law and contact details or should we inform it split for every account?


Response


Banks are requested to follow the 2022 FMIR guidance, meaning: - "Please use a single identifier per row, which should correspond to a unique combination of user, FMI, system type and intermediary. The same ID, corresponding to the same combination of user, FMI, system type and intermediary should be used across reports, i.e. in the T30.00, T31.00, T32.00 and T33.00." Noting that the segment is also requested for CCPs. - Footnote 10: "There is no threshold as to the nostro accounts above which intermediaries should be reported. Nevertheless, the bank is in particular expected to ensure that material FMI services provided by intermediaries (via nostro accounts) are reported. The values relative to multiple nostro accounts at the same intermediary bank can be aggregated, provided that the difference between house (i.e. proprietary) and client account is still respected (if applicable)." - [c0120 - 0170] "Only relevant currencies should be reported, e.g. currencies that account for at least 5% of total operations of the reporting institution with the FMI/intermediary. The different currencies (EUR, GBP, USD, CHF, JPY and other) are not mutually exclusive. For ‘other currencies’ (c0170): ISO 4217 3 letter code of the currency(ies)."