The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For guidance, see Practice Notes: Brexit—impact on finance transactions—Key issues for derivatives transactions, Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs and Impact of Brexit: EMIR—quick guide.
EMIR REFIT (Regulation (EU) 2019/834 amending Regulation (EU) 648/2012 (EMIR)) as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for over the counter (OTC) derivative contracts not cleared by a central counterparty (CCP), the registration and supervision of trade repositories (TRs) and the requirements for TRs was published in the Official Journal of the EU on 28 May 2019 and has effect from 17 June 2019.
EMIR 2.2 (Regulation (EU) 2019/2099 amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs) was published in the Official Journal of the EU on 12 December 2019 and has effect from 1 January 2020.
This Practice Note summaries the changes made to EMIR by EMIR REFIT and EMIR 2.2.
The table below summarises the main
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