This statement is addressed to all financial and non-financial counterparties subject to Regulation (EU) No 648/2012 (EMIR). It provides guidance on when they need to determine whether they are subject to the clearing obligation under the new regime introduced by Refit, and equally when they need to notify ESMA and their relevant competent authority that they are indeed subject to the clearing obligation, i.e. on the day the Refit text enters into force.
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