Only three of the requirements laid down in EMIR are due to be implemented with effect from 15 March.
These requirements are as follows:
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For all counterparties, the terms of over-the-counter derivative contracts must be confirmed within the timescales laid down in ESMA’s technical standards.
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For non-financial counterparties, the AMF and ESMA (European Securities and Markets Authority) must be notified whenever positions entered into in over-the-counter derivative contracts exceed one of the clearing thresholds defined for each asset class. The specific methods for calculating positions and clearing thresholds are laid down in the delegated regulations. Only those positions that do not reduce the risk arising from commercial activity or treasury financing activity must be included in the calculation, which should be applied at aggregate level to the group to which the counterparty belongs.
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Financial and non-financial counterparties whose positions exceed one of the clearing thresholds must mark current contracts to market on a daily basis or, where market conditions prevent marking-to-market, mark those contracts to model.
Please see press release for a timetable of upcoming key dates.
Full press release
© AMF - Autorité des Marchés Financiers
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