Activity

Here’s a summary of recent key developments in EU EMIR, incorporating the information you provided and current dates:
Continued UK CCP Access (Until at least June 2028)
* EU participants can continue to clear derivatives through UK Central Counterparties (CCPs) for at least the next few years.
Active Account Requirement at EU CCPs (Effective June 25, 2025)
* From June 25, 2025, EU FC+ (Financial Counterparty above clearing threshold) and EU NFC+ (Non-Financial Counterparty above clearing threshold) entities that trade certain classes of derivatives must:
* Hold an active account at an EU CCP.
* Clear a representative number of trades through that EU CCP.
* Penalties will apply for non-compliance with these requirements.
* In-scope entities have until June 25, 2025, to establish such an account or clearing arrangement.
Annual Reporting for Non-EU CCP Clearing
* EU participants clearing derivative contracts at recognized non-EU CCPs are now required to report annually on their clearing activities at these CCPs.
Intragroup Exemptions from Clearing and Risk Mitigation
* The granting of intragroup exemptions in the EU from derivatives clearing and risk mitigation no longer depends on an equivalence determination by European authorities.
* Instead, an exemption may be available as long as the third country involved has not been “blacklisted.”
New Reporting Obligation for EU Parents of Exempt NFCs
* In some circumstances, an EU parent of an NFC that is exempt from the reporting requirement will now have an obligation to report intragroup derivatives transactions between the EU parent and that NFC.
Changes to NFC Clearing Threshold Calculation
* When an EU NFC calculates whether it will be subject to the OTC derivatives clearing threshold:
* OTC trades cleared through an EU CCP or a recognized non-EU CCP will be excluded from the calculation.
* This calculation will be conducted at an entity level, not at a group level.
* ESMA has proposed lower clearing thresholds for various asset classes in a recent consultation. These changes will apply once new technical standards are in force.
Eligible Collateral for NFCs at EU CCPs
* EU CCPs can now accept certain guarantees as eligible collateral from NFC entities. This expands the pool of eligible collateral and aims to alleviate liquidity concerns, particularly for NFCs.
NFC- Reporting Exemption with Non-EU FCs
* The exemption from reporting for EU NFC- (Non-Financial Counterparty below clearing threshold) entities trading OTC derivatives with non-EU FCs is no longer dependent on the issuance of an equivalence determination regarding reporting in the non-EU FC entity’s jurisdiction.
Transition Period for NFC- to NFC+
* There will now be a transition period for compliance when an NFC- entity becomes an NFC+.

Video courtesy of Eurex

Video courtesy of Eurex