SUMMARY: KEY CHANGES OF SCOPE FOR ASSET MANAGERS
Key changes to the scope of EMIR which asset managers should be aware of as a result of EMIR REFIT are
In 2012, the European Market Infrastructure Regulation (EMIR)1 came into force, with the aim of implementing a number of G20 reforms on derivatives transactions in the EU, including central clearing for over-the-counter (OTC) derivatives and reporting of all derivative transactions.
Over the past 18 months, the EU has been debating various amendments to the EMIR regime, many of which are aimed at reducing compliance burdens for smaller and less regulated entities. These reforms are commonly referred to as EMIR REFIT2 or EMIR 2.1 (Note that there is also an EMIR 2.2, which is a separate set of reforms that broadly deals with the regulation of CCPs. EMIR 2.2 is not covered in this Update.)
The text of EMIR REFIT was preliminarily agreed among the European Commission, the European Parliament and the Council of the EU on February 5, 2019. We have set out in this Update some of the major reforms set to affect asset managers both in and outside of the EU.
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