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EMIR

EMIR REFIT – Threshold changes to apply on publication

The EMIR REFIT process has almost completed its journey so that it can be published in the Official Journal of the European Union (see here) The REFIT process aims to reform EMIR, and includes several changes that have an impact on those in energy and commodities, in particular those who are Non Financial Counterparties (NFC)  (see some details here).

Last week, ESMA issued this document informing the market that the final amended version of EMIR is scheduled to be published in the Official Journal in May. While many of the changes will only go into effect after several months, it was announced that the changes to the clearing threshold calculations for NFCs and also some FCs will go into effect straight away. In particular, the calculation moves from a daily one based on 30 days’ worth of data to an annual one based on an aggregate of 12 months’ worth of data. The statement also points to the likely final version of the rules, 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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