The European Systemic Risk Board have published this report provided their views on the review on EMIR, which is intended to result in some changes to the rules to be announced over the coming months.

As with reports by other organisations such as ESMA and the European Commission, the ESRB is supportive of some of the changes which affect the trade reporting side of the rules. For example the report supports the concept that financial counterparties transacting with smaller non financial counterparties (a group that is distinct from NFC-s must report both sides of the trade. A change was also proposed which removes the “hedge exemption” from the calculation of the clearing threshold, which would change the status of some large NFCs from NFC- to NFC+

It remains to be seen whether these changes will be implemented. A summary of the report may be found here on the Norton Rose Fulbright web site.