RegAlert2019-06-21 | NBB_2019_13Added · Updated
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 and notify the NBB and ESMA. It establishes that the clearing obligation applies only to contracts concluded or novated after the obligation's effective date, eliminating frontloading, and defines 'small financial counterparties' based on specific notional value thresholds for credit, equity, interest rate, FX, and commodity derivatives. Entities exceeding these thresholds must clear contracts within four months of notification, while those failing to perform the required calculations are automatically subject to the clearing obligation and must report this status to the authorities.
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NBB_2019_13 – 21 June 2019 Communication – Page 1/3 14 Berlaimont Boulevard – 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 contact:
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 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 positions1 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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