EMIR contains specific guidelines for the timely confirmation (from both sides) of new OTC derivatives transactions. Timelines for timely confirmation are dependent on the type of product and the time of conclusion. The period within which an OTC derivative transaction must be confirmed is as soon as possible and, in any event, the next business day for OTC derivative transactions concluded between financial counterparties and non-financial counterparties that exceeds the clearing threshold and the second business day for OTC derivative transactions concluded with non-financial counterparties that do not exceed the clearing threshold.
Financial Counterparties must have the necessary procedures in place to report the number of unconfirmed OTC derivatives transactions that have been outstanding for more than five business days. This has to be done to the national competent authority on a monthly basis. For ABN AMRO this is De Nederlandsche Bank.