EMIR Refit : ESMA guidance on clearing obligation
On 28 March 2019, the European Securities and Markets Authority (ESMA) published a statement providing guidance on the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties.
The statement provides guidance for financial and non-financial counterparties subject to EMIR on when they need to determine whether they are subject to the clearing obligation under the new regime introduced by Refit, and equally when they need to notify ESMA and their relevant competent authority that they are indeed subject to the clearing obligation, i.e. on the day the Refit text enters into force.
Following a series of negotiations on the Refit text proposal initially published on 4 May 2017, the Romanian presidency of the Council and the European Parliament reached a preliminary agreement on 5 February 2019, and the Refit text as confirmed then by the Committee of Permanent Representatives in the European Union was published on 6 March 2019. The final Refit text should be published in the Official Journal in June 2019.