EMIR REFIT and EMIR 2.2 roadmap
EMIR REFIT and EMIR 2.2 roadmap

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • EMIR REFIT and EMIR 2.2 roadmap
  • EU EMIR REFIT
  • EU EMIR 2.2

Regulation (EU) 2019/834 (OJ L 141/42) (EU EMIR REFIT) was published in the Official Journal of the EU on 28 May 2019 and has effect from dates beginning on 17 June 2019.

Regulation (EU) 2019/2099 (OJ L 322/1) (EU EMIR 2.2) 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 Regulation (EU) 648/2012 (OJ L 201/1) (EU EMIR) by EU EMIR REFIT and EU EMIR 2.2, and indicates which of those changes form part of EU retained law and are reflected in Retained Regulation (EU) 648/2012 (UK EMIR), which applies in the UK as of IP completion day (31 December 2020).

EU EMIR REFIT

The table below summarises the main changes made to EU EMIR by EU EMIR REFIT.

EMIR REFIT applies from 17 June 2019, except as stated below. Changes which apply after IP completion day do not form part of retained EU la and are not reflected in UK EMIR.

EU EMIR provision amended by EMIR REFITSummary of amendment
Categorisation of counterparties
Article 2(8) of Regulation (EU) 648/2012 (EU EMIR)Amended definition of financial counterparty (FC):
  1. includes all EU Alternative Investment Funds (AIFs) (regardless of whether the AIF’s Alternative Investment Fund Manager (AIFM) is authorised or registered under the EU Alternative Investment Fund

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