FCA updates EMIR webpage concerning intragroup exemptions

The FCA has updated its webpage concerning the European Commission equivalence decision under EMIR for derivatives transactions in the United States and intragroup exemptions. The FCA refers to the Commission’s implementing act determining the United States to be equivalent to EMIR in terms of the legal, supervisory and enforcement arrangements for non-centrally cleared over-the-counter derivatives transactions. In particular, the decision concludes that Commodity Futures Trading Commission (CFTC) rules on risk monitoring and mitigation for over-the-counter derivative contracts not cleared by a central counterparty are equivalent to EMIR. The FCA states that the Commission has now confirmed to it, other Member State competent authorities and the European Securities and Markets Authority that this equivalence determination does include intragroup exemptions under Article 11(8) and 11(9) of EMIR. This means that the temporary intragroup exemptions that the FCA granted for…

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