FCs which exceed the clearing thresholds (FC+s) or which do not perform the position calculation are required to clear all derivative contracts which are subject to mandatory clearing.

Entities which choose not to perform the calculation are automatically considered to be above the clearing thresholds, and are therefore subject to the clearing obligation.

They must then notify ESMA and the relevant competent authorities if (i) they exceed the existing clearing thresholds, or (ii) they choose not to perform the calculation.

FCs and non-financial counterparties (NFCs) must choose whether or not to calculate their OTC derivative positions on 17 June 2019.

All FCs and non-financial counterparties which exceed the clearing thresholds (NFC+s) remain subject to mandatory margining requirements.

Certain non-EU AIFs are now classed as FC equivalent entities and are therefore more likely to be subject to mandatory clearing obligations when trading with in-scope entities.

Non-EU AIFs managed by EU investment managers (AIFMs) are still classed as FCs.

EU Alternative Investment Funds (AIFs) are now classed as financial counterparties (FCs), irrespective of where their investment manager is established.

In this briefing, we consider the key changes made to EMIR by the Refit Regulation and their implications for the OTC derivatives market. However, for certain counterparty types, the wider scope means that the related operational burdens may in fact have increased. Its aim is to simplify the rules and reduce regulatory and administrative burdens where possible, especially for non-financial counterparties, without compromising the regulatory goal of EMIR to make the global financial system less risky. The text, widely referred to as the Refit Regulation - or simply Refit - after the European Commission's Regulatory Fitness and Performance programme, will apply from 17 June 2019 and makes important changes to EMIR.

More than two years after the European Commission published its proposal to amend the European Market Infrastructure Regulation (EMIR) on, the amending regulation was finally published in the Official Journal of the EU on.

Restructuring, Special Situations and Insolvency.

Exceeded limit of 400 fx assets