CSSF Publishes Press Releases On The Communication Of Clearing Thresholds Under EMIR

In the last weeks, the Commission de Surveillance du Secteur Financier (CSSF) has published two press releases regarding the notifications by Financial (FC) and Non-Financial Counterparties (NFC) exceeding the clearing threshold.

In its first press release 19/21 of 14 June 2019, the CSSF informs market participants about the procedures with regards to the new clearing thresholds introduced by the Regulation (EU) 2019/834 (EMIR REFIT). Both, FC and NFC, are generally required to perform this calculation on a yearly basis. This year, the CSSF must be informed if one of the clearing thresholds is breached upon entry into force of the EMIR REFIT. Where no calculation is performed, the CSSF must be notified as well. Following this notification, FC are required to clear all products in scope of the clearing obligation, while NFC are only required to clear those products for which asset class they have exceeded the threshold.