Benchmark Regulations & EMIR

Video: Benchmark Regulations & EMIR

Part of the MiFID II Stay Complaint program from CFA Society VBA Netherlands  [11:48]

CFA Society Netherlands

Module Benchmark Regulations & EMIR - EMIR
By Mary-Ann Mardenborough
Risk Consultant KPMG Advisory

In last year’s course I discussed how recent developments pertaining to EMIR have impacted centralised and bilateral clearing of derivatives. While introduced back in 2012, EMIR has been updated many times. Today I will be focusing on a recent update known as EMIR Refit. In case you want to familiarize or remind yourself of the full EMIR legislation you could look at last year’s course materials.

The European Markets Infrastructure Regulation (“EMIR”) entered into force in 2012 and brought about significant reforms in the derivatives space covering clearing, reporting, risk mitigation, and margin and collateral exchange. The regulation has affected a large number of firms that are still wrestling with the requirements it introduced. Between 2015 and 2016, the EU Commission conducted an extensive review of EMIR and its impact on the industry. The Commission found that, although no fundamental amendments needed to be made to the core requirements under EMIR, the legislation could benefit from amendments on certain aspects, in order to reduce disproportionate costs and burdens on counterparties without compromising the objectives of the regulation.

The agreed amendments (known as EMIR Refit or EMIR 2.1) will lead to some substantial changes. For example, key changes include the concept of Small Financial Counterparties that will be exempt from clearing, and the introduction of specific requirements around the accessibility and affordability of clearing services. EMIR Refit came into force on June 17 2019. In this course I will summarize the key EMIR Refit changes and how they may affect firms. Slide 1 provides an overview of the main changes implemented under EMIR Refit. In the remainder of the course, I will discuss what these changes mean for the clearing obligation, margin requirements and reporting obligation.

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