Ready, set, go!

France’s AMF has published a brief statement spelling out the implications of EMIR entering into force in two days’ time. In terms of timelines these are the most important dates:

  • August 16th, 2012 – EMIR enters into force
  • September 30th, 2012 – deadline for ESMA to transmit EMIR technical standards to the European Commission
  • July 1st, 2013 – Earliest possible date that EMIR obligation to report into trade repositories enters into force
  • Summer 2013: Definition of asset classes subject to clearing obligations

Additionally, AMF highlighted a few points that it deemed particularly relevant:

  • Obligation to clear OTC derivatives will apply to all counterparties, subject to exemptions concerning intragroup transactions, pension funds or, in certain conditions, non-financial counterparties
  • Implementation of risk management procedures for OTC derivatives that are not cleared concern all counterparties, including non-financial counterparties whose positions do not exceed the clearing threshold
  • The provisions on reporting to trade repositories concern all counterparties and all derivatives, including listed derivatives

With that last friendly reminder in place, let’s hope that everyone is ready and the introduction runs as smoothly as the 2012 Olympic Games.

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