EMIR 3.0 – obligations on the buy-side

We have written a note covering the changes to be made to EU EMIR by EMIR 3.0. The note considers developments relating to clearing, reporting, risk mitigation and margin, and classification and scoping. It includes detail on how the changes affect market participants, with a particular focus on the buy-side.

Read the full note in PDF format: "EMIR 3.0 - obligations on the buy-side".

Note content:

 1. Background

 2. Clearing

  • active account obligation;
  • clearing exemption for third country pension scheme arrangements;
  • clearing exemption for post-trade risk reduction services;
  • clearing activity reporting;
  • collateral types and CCPs; and
  • clearing and CCP transparency.

 3. Trade reporting

  • reporting requirements;
  • reporting by NFC+s;
  • reporting by NFC-s; and
  • reporting breaches.

 4. Risk mitigation and margin

  • implementation period for daily valuations;
  • implementation period for the exchange of margin;
  • margin exemption for stock options and equity index options; and
  • initial margin model validation rules.

5. Classification and scoping

  • clearing threshold calculations; and
  • intragroup transactions.

Please speak to your usual Macfarlanes contact, or Will and Edward if you have any questions.