EMIR REFIT GOES LIVE
June 17, 2019
EMIR REFIT went live on today (17th June 2019). There were some very small changes for reporting which we have highlighted here;
|1||Backloading||Derivative contracts that were outstanding on or after 16 August 2012 and terminated before 12 February 2014 no longer need to be reported.|
|2||Intragroup with an NFC||Intragroup transactions involving non-financial counterparties are exempt from the reporting obligation provided that specific conditions are met.|
|3||FC reporting for NFC||From 18/06/2020, a FC who trades with an NFC not subject to the clearing obligation is responsible for reproting both sides.|
|4||NFC trades outside EU||From 18/06/2020, an NFC does not have to report if;
(i) it is not subject to the clearing obligation and concludes an OTC derivative contract with an entity established in a third country,
|5||UCITS / AIFs||From 18/06/2020, management company for UCITS and AIFs become responsible for the reporting on behalf of that UCITS or AIFs.|
|6||IORP||From 18/06/2020, the authorised entity responsible for managing and acting on behalf of an institution for occupational retirement provision (IORP) that does not have legal personality will also be responsible for reporting the details of OTC derivative contracts on behalf of that IORP.|
Full text from the EC here.
Summary from FCA here.