Yesterday ESMA issued an updated version of the EMIR Questions and Answers document, which can be found here. There are several updates, some of which relate to the consequences of “REFIT” (see here). These are:

• OTC 2h (page 17) – Deals with entities that start to trade derivatives and by when they must calculate the clearing threshold.
• OTC 4 (page 22)  – Deals with the requirement for entities to assess the status of their counterparties.
• OTC 12 (page 33) – Relates to calculation of FC + or – status of third country counterparties.
• TR 14 (page 86) – Whether internal deals within one entity are to be reported.
• TR 17b (page 87) – Venue to be reported with respect to positions arising out of activity in more than one place.
• TR 17c (page 87) – The compression flag should only be set to “Y” in the event of a compression arising out of regulatory obligations.
• TR 53 (page 119) – Relates to new reference rate STR.