ESMA provides guidance on the new EMIR Refit regime for the clearing obligation
The European Securities and Markets Authority (ESMA) has published today a statement on the Implementation of the new EMIR Refit regime for the clearing obligation for financial and non-financial counterparties.
This statement is addressed to all financial and non-financial counterparties subject to Regulation (EU) No 648/2012 (EMIR). It provides guidance on when they need to determine whether they are subject to the clearing obligation under the new regime introduced by Refit, and equally when they need to notify ESMA and their relevant competent authority that they are indeed subject to the clearing obligation, i.e. on the day the Refit text enters into force.