EMIR Refit - Publication of Regulation 2019/834
On 28 May 2019, the regulation (EU) 2019/834 amending EMIR about the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a CCP, the registration and supervision of Trade Repositories (TRs) ("EMIR Refit") was published.
EMIR Refit entails major amendments to the current EMIR provisions, namely:
The expansion of the scope of EMIR to other entities (incl. AIFs, CSDs);
The exemption of financial counterparties whose OTC derivative positions do not exceed any threshold for offsetting their clearing obligation;
The limitation for non-financial counterparties of the clearing obligation to only those derivatives belonging to the asset class for which the clearing threshold is exceeded; and
The removal of the obligation of backloading (reporting of historic transactions requirements not outstanding on 12 February 2014).
Regulation 2019/834 came into force on 17 June 2019.
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