The FCA has updated its European Markets Infrastructure Regulation (EMIR) implementation review webpage with a report outlining the findings from its latest review of non-financial counterparties (NFCs) subject to EMIR.
The FCA conducted its review into NFCs during June 2014, focusing on energy producers and oil producers. The FCA wanted to understand how NFCs are defining their hedging activity and monitoring their status against the EMIR clearing threshold. In particular, the FCA considered the compliance obligations that now apply to NFCs. In light of this, the report concentrates on the following areas:
- approach to calculation of the clearing threshold and identification of hedging and non-hedging transactions;
- trade reporting;
- trade confirmation; and
- reconciliations.
View European Market Infrastructure Regulation implementation reviews, 3 September 2014
View Non-financial counterparties subject to EMIR, 3 September 2014
