EMIR REVIEW PROPOSAL (May 2017)

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
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