Delegated Reporting post Brexit

Following the withdrawal of the United Kingdom (“UK”) from the European Union, there will be some necessary changes to the Delegated Reporting Service which may include but are not limited to the following.

For EU Clients migrating to HSBC France

Where your trading with HSBC will be directed to HSBC France, and in accordance with clause 14 of the Agreement, your Reporting Delegate will transfer from HSBC Bank plc to HSBC France who will continue the Service and will acquire the Reporting Delegate’s rights and obligations under the Agreement. Where your trading activity with HSBC remains with HSBC Bank Plc, the terms of the Agreement are unchanged if you are subject to an EMIR Reporting Obligation.

However, following withdrawal of the United Kingdom (“UK”) from the European Union, if the Client is subject to the UK Reporting Obligation because the Client is incorporated in the UK or a fund captured by the UK EMIR Reporting Obligations, references in the Agreement or the Procedures Manual to EMIR or other European legislation shall be construed to refer to EMIR or other European legislation as retained in UK domestic law in accordance with the European Union (Withdrawal) Act 2018 (“UK EMIR”) and any references in the Agreement to ESMA shall be construed to refer to the UK Regulators, as per UK domestic law.

References in the Agreement to Relevant Trade Repository will be as established in the Agreement and in accordance to UK EMIR and/or EMIR requirements. Currently and unless otherwise notified, the Relevant Trade Repositories are DTCC Data Repository (Ireland) Plc to the extent that the Client is subject to the Reporting Obligation under EMIR and/or, as the case may be, DTCC Derivatives Repository Ltd to the extent the Client is subject to the Reporting Obligation under UK EMIR.

For UK Clients

Following withdrawal of the United Kingdom (“UK”) from the European Union, if the Client is subject to the UK Reporting Obligation because the Client is incorporated in the UK or a fund captured by the UK EMIR Reporting Obligations, references in the Agreement or the Procedures Manual to EMIR or other European legislation shall be construed to refer EMIR or other European legislation as retained in UK domestic law in accordance with the European Union (Withdrawal) Act 2018 (“UK EMIR”) and any references in the Agreement to ESMA shall be construed to refer to the UK Regulators, as per UK domestic law. Similarly, references in the Agreement to Relevant Trade Repository will be as established in the Agreement and in accordance to UK EMIR requirements. Currently and unless otherwise notified, the Relevant Trade Repositories are DTCC Data Repository (Ireland) Plc to the extent that the Client is subject to the Reporting Obligation under EMIR and/or, as the case may be, DTCC Derivatives Repository Ltd to the extent the Client is subject to the Reporting Obligation under UK EMIR.

Trade Repositories

Depending on the regulations and our relationship, reportable trades will be submitted to either DTCC UK or DTCC Europe.

We remind you that the Procedures Manual forms part of the Agreement and has important operational information, including the list of the trade repositories to which HSBC is able to submit reports.

Terms not defined herein will have the meaning given in the Agreement.