Regulatory Alerts2019-06-21 | 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.