The European Parliament’s Committee on Economic and Monetary Affairs (ECON) last week voted to agree to the proposed changes to EMIR as part of the REFIT programme (see here). The press release can be found here. The changes agreed include:

• Transactions between internal entities, where either entity is a Non Financial Counterparty (NFC) are no longer reportable.
• Transactions between Financial Counterparties (FC) and Non Financial Counterparties under the clearing threshold (NFC-) should be reported by the FC on behalf of the NFC-, no matter where the NFC- is located.
• The idea of an FC threshold is introduced. FCs under the threshold (FC-) would no longer be subject all of the clearing regulations.

The next step is for the proposed to be ratified in a Parliamentary plenary session, scheduled for June.