Firms subject to UK EMIR are required to notify the FCA of
clearing thresholds for UK FCs and NFCs once the transition period
ends on 31 December 2020.
The UK Financial Conduct Authority (FCA) announced earlier this
week that, following the expiration of the Brexit transition period
after 31 December 2020, all UK financial counterparties (FC) and UK
non-financial counterparties (NFC) that either exceed the clearing
thresholds or that have chosen not to perform the determination of
their positions against the clearing thresholds must submit a fresh
clearing threshold notification to the FCA under the UK onshored
version of EMIR (UK EMIR).
This clearing threshold notification must be sent on or
after 1 January 2021 (the date when UK EMIR starts to
apply) but prior to 17 June 2021 (the anniversary
of the application of EMIR Refit, which introduced the current
clearing threshold notification process).
