The Q&As are aimed at national competent authorities to ensure convergent supervisory activities. It should also help investors and other market participants by providing clarity on the requirements under EMIR.
Theeighth Q&A covers the following areas:
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CCP organisational requirements, account segregation and portability
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Intra-group exemptions
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Treatment of non-exempt, non-EU central banks
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EMIR’s application to Alternative Investment Funds
The questions are drawn from a cross-section of the public, market participants and competent national authorities. The answers are intended to ensure harmony of approach in the implementation of EMIR’s details. While the ESMA Q&A’s are a useful resource, the European ideal of “harmonisation” often seems to be achieved by the fiat imposition of a univocal interpretation with no recourse to appeal.
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