UK EMIR REFIT

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

• 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

• UK EMIR - Financial Conduct Authority