Use our assessment tool below to find out if and what you are required to report under EMIR.
Are you a financial counterparty (FC) under EMIR?
An FC means any of the following:
- an investment firm authorised in accordance with Directive 2004/39/EC;
- a credit institution authorised in accordance with Directive 2006/48/EC;
- an insurance undertaking authorised in accordance with Directive 73/239/EEC;
- an assurance undertaking authorised in accordance with Directive 2002/83/EC;
- a reinsurance undertaking authorised in accordance with Directive 2005/68/EC
- a UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC;
- an institution for occupational retirement provision within the meaning of Article 6(a) of Directive 2003/41/EC; or
- an alternative investment fund (AIF), as defined in point (a) of Article 4(1) of Directive 2011/61/EU, which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered in accordance with that Directive, unless that AIF is set up exclusively for the purpose of serving one or more employee share purchase plans, or unless that AIF is a securitisation special purpose entity as referred to in point (g) of Article 2(3) of Directive 2011/61/EU, and, where relevant, its AIFM established in the Union.
What is a clearing threshold?
The clearing threshold is an amount set by class of OTC derivatives contracts. It is set by regulatory technical standards and will reviewed on a regular basis following public consultation.
Financial counterparties (FCs) and non-financial counterparties (NFCs) should calculate their aggregate month-end average position in OTC derivative contracts for the previous twelve months. However, Alternative Investment Funds (AIFs) and Undertakings for Collective Investments in Transferable Securities (UCITs) will have to be calculated at the fund level.
|Credit derivative contracts||EUR 1 billion|
|Equity derivative contracts||EUR 1 billion|
|Interest rate derivative contracts||EUR 3 billion|
|Foreign exchange derivative contracts||EUR 3 billion|
|Commodity derivative contracts and others||EUR 3 billion|