EMIR / REFIT
On May 28, 2019, the, among others, following amendments to EMIR (REFIT), which will come into force 20 days after the publication, have been published in the Official Journal of the European Union.
Intra-group derivative transactions between NFCs will not have to be reported anymore. NFCs, and that applies for all subsidiaries of a group in any country of the EEA region, however will have to notify their competent authorities of their intention to apply the exemption referred to in the third subparagraph. The exemption shall be valid unless the notified competent authorities do not agree upon fulfilment of the conditions referred to in the third subparagraph within three months of the date of notification.
EEA-based banks will have to report on behalf of their NFC clients – this new rule will become effective twelve months after the date of publishing the amendment in the Official Journal. Self-reporting will still be possible (and there are quite a few reasons why this will make sense), market participants just will have to inform their counterparties (banks) accordingly.