RegAlert2019-06-21 | NBB_2019_13Added
EMIR Refit: Amendments to Clearing Obligation and Notification
The document clarifies the procedure for Belgian credit institutions, insurance companies, broker-dealers, payment institutions, and clearing houses to calculate their aggregated group positions against EMIR Refit clearing thresholds. Financial counterparties exceeding specific notional value limits for credit, equity, interest rate, FX, or commodity derivatives must notify the National Bank of Belgium and ESMA immediately upon entry into force and clear contracts with a central counterparty within four months. Non-financial counterparties are subject to clearing obligations only for derivative classes where thresholds are exceeded, while all counterparties failing to perform the required calculations are automatically subject to the clearing obligation.
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NBB_2019_13 – 21 June 2019 Communication – Page 1/3 boulevard de Berlaimont 14 – BE-1000 Brussels tel. +32 2 221 24 33 company number: 0203.201.340 RPM Brussels www.bnb.be Communication Brussels, 21 June 2019 Reference: NBB_2019_13 your correspondent:
Rita Tam tel. +32 2 221 45 16 rita.tam@nbb.be
EMIR Refit: amendments to the clearing obligation for OTC derivative contracts Scope Belgian credit institutions, Belgian insurance and reinsurance undertakings, Belgian broker-dealers, Belgian payment institutions and Belgian clearing houses (hereinafter "the institutions"), as defined in Article 2(8) and 2(9) of European Regulation No 648/2012 of 4 July 2012 (hereinafter the "EMIR Regulation"). Summary/Objectives Following the entry into force of European Regulation 2019/834 of 20 May 2019 (hereinafter the "EMIR Refit Regulation"), this communication clarifies the procedure that institutions must follow to calculate their aggregated group-level average positions 1 to which they belong and to notify the NBB and ESMA. 1 Group as defined in Article 2(16) of the EMIR Regulation.
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Lineage: In force
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
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