EC Regulation Amending List of Exempted Entities Under EMIR
EC published, in the Official Journal of the European Union, the Commission Delegated Regulation (EU) 2017/979. This regulation is amending the Regulation (EU) No 648/2012 (European Market Infrastructure Regulation or EMIR) on OTC derivatives, central counterparties (CCPs), and trade repositories with regard to the list of exempted entities.
EMIR excludes from its scope Union central banks and other Union public bodies managing debt so as not to impede their ability to perform tasks of common interest. The application of different rules to such functions when they are exercised by third-country entities would be detrimental to their effectiveness. To ensure that third-country central banks and other public bodies charged with or intervening in the management of the public debt continue to be in a position to perform their tasks adequately, third-country public bodies charged with or intervening in the management of the public debt should also be exempt from EMIR. EC conducted an assessment, which concluded that central banks and public bodies charged with or intervening in the management of public debt in Australia, Canada, Hong Kong, Mexico, Singapore, and Switzerland should be exempted from the clearing and reporting requirements laid down in EMIR. Thus, in Article 1(4)(c) of EMIR, names of these countries are being added—namely Australia, Canada, Hong Kong, Mexico, Singapore, and Switzerland. The regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
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Effective Date: June 30, 2017
Keywords: Banking, Securities, Europe, EC, EMIR, OTC Derivatives, CCPs
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