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.