Circular NBB_2016_30 / Intragroup derivative transactions exemption procedure from the clearing and the risk-mitigation technique obligations arising from Regulation (EU) No 648/2012 of 4 July 2012

The circular specifies the procedure that Belgian financial and non-financial counterparties supervised by the NBB must follow to notify or apply for an exemption from the central clearing obligation for intragroup OTC derivative transactions under Article 4(2) of the EMIR regulation. Institutions are required to submit a notification file to the NBB no later than 30 calendar days before the start of the clearing obligation, ensuring that neither competent authority objects within 30 calendar days following the notification. The document mandates that significant credit institutions directly supervised by the ECB comply with NBB requirements and guidelines for these exemptions. It also outlines the specific content and structure of the notification files, including provisions for unique files at the parent company level and separate applications for entities in equivalent third countries.

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boulevard de Berlaimont 14 – BE-1000 Brussels
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BanqueNationaleBank
DE BELGIQUE VAN BELGIË
Eurosystem

Circular

Brussels, 17 June 2016

Reference: NBB_2016_30

Contact person:
Claire Renoirte
Phone +32 2 221 53 50 – fax +32 2 221 31 04 claire.renoirte@nbb.be

Intragroup derivative transactions exemption procedure from the clearing and the risk-mitigation technique obligations arising from Regulation (EU) No 648/2012 of 4 July 2012 on OTC derivatives central counterparties and trade repositories ('EMIR regulation')

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Source: National Bank of Belgium — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works