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15th February 2024

EMIR 3 is coming

On the 7th Feb, the Council and Parliament reached a provisional agreement on the review of EMIR. The main focus of the changes is on making the EU clearing landscape more attractive.

We also identified the following changes which could affect a firm’s reporting obligation;

Topic

Article

Details

Clearing obligation for FCs

Article 4a(3) amended

When calculating position towards thresholds, only derivative contracts not cleared at a CCP should be included in the calculation

Reporting obligation

Article 9 amended

Exemption for transactions between counterparties (where at least one is an NFC) is removed

Clearing obligation for NFCs

Article 10 amended

When calculating position towards thresholds, only derivative contracts not cleared at a CCP should be included in the calculation

The next steps are for the changes to go through the formal adoption procedure and entering into force.

Useful links

Article 4a(3)

Article 9

Article 10

Control Now can help you seamlessly manage such changes as amendments and modifications are automatically integrated into our software.

For more details, including a demo of our products, please contact: info@control-now.com

Control Now Ltd, is a provider of Transaction Reporting software tools to empower market participants to perform oversight of their Regulatory Reporting Processes. Control Now Ltd accepts no liability for any loss or damage caused by use of or reliance on this information or any other information published by Control Now Ltd. Recipients of this information must perform their own due diligence to confirm the information is accurate and relevant for their business scenario. Control Now Ltd reserves its right to re-publish the information.