The Master Regulatory Reporting Agreement (MRRA) offers market participants the opportunity to use a single template to help them manage regulatory obligations and provide reporting-related services in accordance with the European Market Infrastructures Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR). For SFTR, as of 11 October, the buy-side is responsible for the declaration of alternative investment funds (AIFs) and the undertakings for collective investment in securities funds (UCITS) that manage them. As of January 11, 2021, companies will be responsible for reporting for their SMALLCs, which do not have the resources to have a regulatory reporting function. While the existing notification agreement addressed the possibility for a derivative counterparty to delegate its EMIR reporting obligations, both EMIR-Refit and SFTR require that, if one of the counterparties in the relevant transaction is a financial counterparty (FC) and the other an NFC4, fc is responsible and legally responsible for the reporting, both on behalf of itself and its counterparty, and the accuracy of 5 (mandatory reporting). The MRRA`s modular approach allows parties to agree on different annexes (and add new ones as regulatory timelines) to meet their requirements, whether mandatory or delegated. Bayley says, however, that the agreement was formed to encompass all the rules. . . .