Regulatory Alerts2017-07-04
Implementation of EMIR
The Norwegian Financial Supervisory Authority issued Circular 6/2017 to implement the European Market Infrastructure Regulation (EMIR) into Norwegian law, establishing reporting, clearing, and risk mitigation obligations for derivative contracts. The circular specifies that while rules took effect on July 1, 2017, enforcement of reporting requirements will not begin until January 1, 2018, and outlines specific exemptions for certain entities like the central bank. It further details the regulatory framework for transaction registers, central counterparties, and the equivalence decisions regarding third-country regulations.
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