On 11 June 2019, the FCA updated its webpage on EMIR notifications and exemptions to reflect changes introduced by the EMIR Refit Regulation (EMIR Refit). Two new sections have been added to the webpage providing information on:
- small financial counterparties – exceeding the clearing thresholds. The information provided by the FCA explains more about calculating the clearing threshold for small financial counterparties which intend to benefit from the clearing exemption introduced under EMIR Refit; and
- intragroup exemption from the reporting obligation. This section details more about the intragroup exemption from the EMIR Refit reporting obligation. From 17 June 2019 any intragroup transaction where one counterparty is a non-financial counterparty (or would be qualified as a non-financial counterparty if it were established in the EU) is exempt from the reporting obligation providing specific circumstances are met.