On October 2, the European Securities and Markets Authority (ESMA) published an updated version of its questions and answers document (Q&As) on the implementation of the European Market Infrastructure Regulation (EMIR).
The amendments include:
- A new procedure for financial counterparties (FCs) and non-financial counterparties (NFCs) to provide notice that they exceed or no longer exceed clearing thresholds;
- An amended question on whether a counterparty is responsible for assessing whether its counterparty is above or below the clearing threshold;
- An amended question on how a counterparty should determine the status of entities not established in the European Union (EU);
- An amended question adding an exception for when transactions within the same legal entity should be reported;
- An amended question adding further detail on position level reporting; and
- A new question to clarify how counterparties should report derivatives based on the new Euro short-term rate (€STR) and other derivatives based on reference rates that are not explicitly included in Regulation (EU) 2017/105.
The updated Q&A is available here.