Strategic Report and UK EMIR REFIT: Difference between pages

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imported>Doug Williamson
(Added new entry for Strategic Review. Information from [https://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRC-Staff-Guidance-Note-Strategic-Report-Regulatio.aspx)
 
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''Financial reporting''
''Financial services - regulation - derivatives - European Union (EU) - UK - retained EU law.''


All companies, that are not small, are required by the Companies Act 2006 to prepare a strategic report containing a fair and balanced analysis of:
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.


a) the development and performance of the company’s business during the financial year;
(EMIR REFIT is sometimes also known as EMIR II.)


b) the position of the company at the end of the year; and,


c) a description of the principal risks and uncertainties facing the company.
UK EMIR REFIT contains the related amendments to the derivatives market regime for the UK.


The Strategic Report replaces the Operating and Financial Review or Business review section of the Annual Report. It is in addition to the Directors' report.


:<span style="color:#4B0082">'''''Making the UK EMIR regime more proportionate'''''</span>


==See also==
:"The onshored UK EMIR REFIT brings into UK legislation amendments to UK EMIR that make the regime more proportionate for certain firms.
* [[Annual report]]


:Key changes include:


==Other links==
:#Financial counterparties that are considered small (small financial counterparties or SFCs) are exempted from the clearing obligation, while remaining subject to risk mitigation obligations.
[https://www.frc.org.uk/Our-Work/Publications/Accounting-and-Reporting-Policy/FRC-Staff-Guidance-Note-Strategic-Report-Regulatio.aspx, Staff Guidance Note: The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 – Key Facts]
:#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."
 
:''UK EMIR REFIT - Financial Conduct Authority''
 
 
== See also ==
* [[Binding Technical Standard]]
* [[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 ]]
 
 
==External link==
*[https://www.fca.org.uk/markets/uk-emir UK EMIR - Financial Conduct Authority]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:Compliance_and_audit]]
[[Category:Financial_products_and_markets]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Risk_reporting]]
[[Category:Risk_frameworks]]
[[Category:The_business_context]]

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

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