IHS Markit is presenting a webcast demo series on EMIR Refit on ISDA Amend
What is the EMIR REFIT?
Between May and August 2015, the European Commission (the Commission) carried out an extensive assessment of the European Market Infrastructure Regulation (EMIR). The review resulted in a report published in November 2016, in which the Commission concluded that, although there was no need for a fundamental change to the nature of the core requirements in EMIR, the legislation imposed disproportionate burdens and overly complex requirements on non-financial counterparties, small financial counterparties and pension funds.
As a result, EMIR was included within the Commission’s 2016 Regulatory Fitness and Performance (REFIT) programme which resulted, in May 2017, in a proposal from the Commission (the Commission Proposal) for a Regulation amending EMIR (the EMIR REFIT) to address the issues it had identified. In June 2017, the Commission adopted a separate proposal to amend EMIR in relation to authorisation and recognition of CCPs. This Article will focus on the first proposal.
What is the current status of the EMIR REFIT?
Regulation (EU) 2019/8341 amending EMIR, the EMIR Refit, enters into force on 17 June 2019. On the day of entry into force of Refit Financial Counterparties and Non-Financial Counterparties who exceed the clearing thresholds will be subject to the clearing obligations. ISDA Amend provides an easy communication mechanism for you to provide the relevant information to your counterparties. Click ‘Register’ above to join our webcast on how to use the EMIR Refit module on ISDA Amend
For more information on the regulation, click here.