The EU have agreed changes to EMIR which applies to the over-the-counter (“OTC”) derivative transactions. These changes, agreed under the EU’s Refit agenda, aim to preserve all the core elements of EMIR, whilst addressing disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. The legislation introduces a new category of Small Financial Counterparties which will be exempted from the obligation to clear their transactions through a central counterparty, while remaining subject to risk mitigation obligations. EMIR Refit also extends the Pension Scheme Arrangements exemption and require clearing brokers to provide services on fair, reasonable, non-discriminatory and transparent commercial terms.
Should firms, or clients of Complyport, have concerns over EMIR reporting they can contact Complyport for assistance.