European Commission’s review of EMIR offers relief for corporates
Working under the auspices of the EACT, the ACT is pleased to announce that the recent European Commission review of EMIR has resulted in a number of changes being proposed by the Commission that, if passed, will provide considerable relief to corporates.
In summary, the Commission is proposing to:
- Relieve 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
These proposals are an important step forward in reducing the burdens on corporates and should have a positive impact for Europe’s economy as a whole.
The EACT press release can be found here