Please note that the European Commission has today 4/5/2017 published its proposal for EMIR review.
The press release is available here:
In terms of the topics that are of interest to us, the Commission is proposing to:
- Maintain the hedging exemption
- Relief the reporting burden on NFCs by:
- Exempting all NFCs from reporting their intragroup transactions;
- Making FCs responsible for reporting both legs of transactions with NFC-s;
- Removing the obligation to report historic transactions (backloading)
- For NFC+s, the cross asset class clearing threshold test will be removed and clearing obligation will apply asset class by asset class
This is great progress and a very positive outcome in terms of pushing through changes that would benefit NFCs; the proposal will now be subject to the co-decision procedure where the Parliament and the Member States will decide on a final text, and we will have to defend the above points all along the co-decision procedure.
See below the press release from EACT