ESMA Updates EMIR Q&A And Clarifies Point On EMIR Refit Calculation Dates

On 2 October 2019, the European Securities and Markets Authority (“ESMA”) issued an update of its Q&A on practical questions regarding data reporting issues, stemming from the European Markets Infrastructure Regulation (“EMIR”).

EMIR was amended recently, with the changes (known as “EMIR Refit”) entering into force on 17 June 2019. EMIR Refit imposes a number of changes, including, inter alia, a widened definition of financial counterparty and an exemption form the clearing obligation for financial counterparties with low volume of derivative trades that do not exceed the clearing thresholds outlined in the regulation (commonly referred to as small financial counterparties), who would otherwise have to clear their derivatives under EMIR.