EMIR Threshold Notification for Corporates

When EMIR came into force in mid March 2013, one of the first obligations for NFCs (non-financial counterparties) was to notify their respective national authorities (for EMIR) and ESMA about the clearing thresholds, i.e. corporates have to report whether they exceed the clearing threshold as of March 15, or fall below it. National authorities provide forms for this notification, which can be found on our Links page.

In detail, NFCs whose derivative positions exceed certain thresholds in terms of speculative derivatives will be classified as NFC+. This applies to all asset classes when the gross notional position in derivatives, excluding positions which are 'objectively measurable as reducing risks related to the commercial activity or treasury financing activity', exceeds one of the following thresholds: