The updated Q&As provide clarifications on the new framework introduced by Regulation 2019/834 amending EMIR and amends an existing Q&A on novation.
The overall update mainly provides new answers on the implementation of the EMIR Refit framework with regards to:
The clearing obligation for financial (FC) and non-financial counterparties (NFC);
The procedure for notifying when a counterparty exceeds or ceases to exceed the clearing thresholds; and,
How counterparties should report derivatives novations and removes some obsolete references to frontloading when populating field “Clearing Obligation”.
Finally, this update also includes an amendment to the existing Q&A 20 in the OTC Section, clarifying that for the purpose of applying the clearing obligation, all types of novations of derivative contracts are covered.
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