ESMA has recently clarified the date on which calculations
required under EMIR are to be completed by financial counterparties
that started taking positions in OTC derivatives only after the
entry into force of EMIR Refit.
EMIR Refit
The European Market Infrastructure Regulation
(EMIR) was amended recently, with the changes
(known as EMIR Refit) entering into force on 17
June 2019. As discussed in
our briefing on the implications of EMIR Refit, the changes
included a widening of the definition of "financial
counterparty" (FC) to include all alternative
investment funds (AIFs) established in the EU and
all central securities depositaries authorised under the Central
Securities Depositaries Regulation.
