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EMIR Refit Regulation – Impact on Asset Managers
13 May 2019
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The EU legislative process for the review of EMIR (the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories (648/2012)) (the “EMIR Refit Regulation” ) is almost complete, with its entry into force expected shortly.
This note focuses on the impact of the EMIR Refit Regulation on non-EU investment managers and funds. By broadening the definition of “Financial Counterparty”, the EMIR Refit Regulation brings into scope EU funds managed by non-EU managers (as EU Financial Counterparties) and, prospectively, non-EU funds managed by non-EU managers (as “hypothetical” EU Financial Counterparties), with the consequence that those funds may be subject to the requirements to exchange margin for their uncleared derivative trades under EMIR.
In addition, EMIR introduces a new category of “Small” Financial Counterparties that may exempt EU and non-EU funds from the mandatory clearing obligation.
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