Offset and UK EMIR REFIT: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
(Add 3rd and 4th definitions. Sources: linked pages.)
 
(Links ordering.)
 
Line 1: Line 1:
1.
''Financial services - regulation - derivatives - European Union (EU) - UK - retained EU law.''


Ability to set assets against liabilities in multiple bank accounts.  
EMIR REFIT is an update to the European Market Infrastructure Regulation that reduced its requirements for certain market participants, to make it more proportionate to their circumstances.


Also used in netting transactions.
(EMIR REFIT is sometimes also known as EMIR II.)




2.
UK EMIR REFIT contains the related amendments to the derivatives market regime for the UK.


More generally, the right to reduce or eliminate a liability, by deducting the amount of a related asset. 


Most commonly, when the asset and liability are with the same counterparty.
:<span style="color:#4B0082">'''''Making the UK EMIR regime more proportionate'''''</span>


:"The onshored UK EMIR REFIT brings into UK legislation amendments to UK EMIR that make the regime more proportionate for certain firms.


3.
:Key changes include:


More generally still, the netting of any items, whether or not any positive action is needed to cause the netting.
:#Financial counterparties that are considered small (small financial counterparties or SFCs) are exempted from the clearing obligation, while remaining subject to risk mitigation obligations.
:#Non-financial counterparties (NFCs) are subject to reduced clearing obligations.
:#The exemption from the clearing obligation for Pension Scheme Arrangements (PSAs) is extended by another 4 years for UK and EEA PSAs.
:#A streamlined reporting regime, including mandatory delegation to FCs when facing an NFC, and exemption from the reporting requirements for intragroup transactions when one of the counterparties is an NFC."


For example, the netting of inflation differentials and expected changes in spot foreign exchange rates under purchasing power parity theory.
:''UK EMIR REFIT - Financial Conduct Authority''




4. ''Environmental concerns''.
== See also ==
 
* [[Binding Technical Standard]]
Abbreviation for carbon offsetting.
* [[Brexit]]
* [[Central counterparty]]
* [[Derivative instrument]]
* [[EEA]]
* [[EMIR]]
* [[EMIR REFIT]]
* [[Equivalence]]
* [[European Union]]
* [[Financial Conduct Authority]]
* [[FRANDT]]
* [[Harmonisation]]
* [[Infrastructure]]
* [[Margining]]
* [[Onshore]]
* [[MiFID II]]
* [[NFC]]
* [[Over the counter]]
* [[Retained EU law]]
* [[Statutory instrument]]
* [[Trade repository]]
* [[UK EMIR ]]




== See also ==
==External link==
* [[Assets]]
*[https://www.fca.org.uk/markets/uk-emir UK EMIR - Financial Conduct Authority]
* [[Carbon offsetting]]
* [[Counterparty]]
* [[Exchange rate]]
* [[Inflation]]
* [[Interest offset pooling]]
* [[Liabilities]]
* [[Netting]]
* [[Open interest]]
* [[Spot]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Compliance_and_audit]]
[[Category:Compliance_and_audit]]
[[Category:Ethics]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Manage_risks]]
[[Category:Risk_reporting]]
[[Category:Risk_frameworks]]
[[Category:Risk_frameworks]]
[[Category:Cash_management]]
[[Category:The_business_context]]
[[Category:Financial_products_and_markets]]
[[Category:Liquidity_management]]

Latest revision as of 09:47, 16 November 2023

Financial services - regulation - derivatives - European Union (EU) - UK - retained EU law.

EMIR REFIT is an update to the European Market Infrastructure Regulation that reduced its requirements for certain market participants, to make it more proportionate to their circumstances.

(EMIR REFIT is sometimes also known as EMIR II.)


UK EMIR REFIT contains the related amendments to the derivatives market regime for the UK.


Making the UK EMIR regime more proportionate
"The onshored UK EMIR REFIT brings into UK legislation amendments to UK EMIR that make the regime more proportionate for certain firms.
Key changes include:
  1. Financial counterparties that are considered small (small financial counterparties or SFCs) are exempted from the clearing obligation, while remaining subject to risk mitigation obligations.
  2. Non-financial counterparties (NFCs) are subject to reduced clearing obligations.
  3. The exemption from the clearing obligation for Pension Scheme Arrangements (PSAs) is extended by another 4 years for UK and EEA PSAs.
  4. A streamlined reporting regime, including mandatory delegation to FCs when facing an NFC, and exemption from the reporting requirements for intragroup transactions when one of the counterparties is an NFC."
UK EMIR REFIT - Financial Conduct Authority


See also


External link

Retrieved from ‘https://wiki.treasurers.org/w/index.php?title=Offset&oldid=53628’