Hungarian Presidency published latest compromise text on EMIR
27 May 2011
In Article 5 (non-financial counterparties), the Hungarian Presidency proposes that if a non-financial counterparty exceeds the thresholds for 30 days over a three month period, it will have to clear through a CCP its OTC derivatives contracts and will have three months to find the cash needed.
This compromise text does not change Article 3 (Clearing obligation) compared to the previous compromise text (dated 29 April).
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