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EMIR, Uncategorized

Europex comments on the EMIR review

Europex has issued this set of comments on the legislative proposal issued by the European Commission earlier this year (see here) as part of the EMIR review. The proposal contains several key changes to EMIR, several of which will have a significant impact on “non financial” energy and commodity companies when they take effect. These include:

  • “Compulsory” delegated reporting when certain Non Financial Counterparties (NFC) trade bilaterally with a Financial Counterparty(FC).
  • Removal of the requirement to report trades between internal entities if one of them is an NFC.
  • Removal of the final backloading requirement of EMIR, currently scheduled for February 2019.
  • A requirement that CCPs report Exchange Traded Derivatives.
  • A simplification of the process and calculation around the clearing threshold.

These significant changes go into effect long after the reporting changes that come into use on 1st November 2017 (see here).

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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