EMIR REFIT has potential to trigger unintended consequences
Changes that are part of the review of the European Market Infrastructure Regulation have the potential to cause a number of unintended consequences, particularly for Trade Repositories. By Ian Thomas, Regulatory Specialist at Quorsus
Since the European Market Infrastructure Regulation (EMIR) was drawn up in 2012 to regulate over-the-counter (OTC) derivatives, central counterparties and trade repositories, it has gone through a number of refinements which are collectively known as EMIR REFIT (regulatory fitness and performance) programme. The most recent of which, due to take effect from June 18, relates to mandatory delegated reporting and has been designed to reduce the burden on non-financial counterparties who are not subject to the clearing obligation (also known as NFC- in EMIR client classification terms).
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