Emir Regulatory Fitness and Performance Program (Refit)

REPORTING FORMS RELATING TO THE CLEARING THRESHOLD AND FOR THE NOTIFICATION OF THE EXEMPTION FROM THE REPORTING OBLIGATION OF INTERCOMPANY DERIVATIVE CONTRACTS

 

CONSOB notification on intragroup exemption from the reporting obligation pursuant to Regulation EU n. 2012/648 (EMIR) art. 9.1, as amended by Regulation EU n. 2019/834 (REFIT)

Refit provides an exemption from the reporting obligation of  intragroup derivatives contracts.

The exemption can be applied where at least one counterparty of the group is a Non Financial Counterparty (or would be qualified as a non financial counterparty if it were established in the Union) provided that:

1) both counterparties are included in the same consolidation on a full basis and both are subject to appropriate centralised risk evaluation, measurement and control procedures; 

2) the parent undertaking is not a financial counterparty;

3) the counterparty has notified their competent authorities of their intention to apply the exemption;

4) the competent authority has express no denial – within three months from the notification – about the compliance with the condition referred to point 1) and 2).

CONSOB notification should be submitted through the following forms. Filling instructions are included in the forms.

 Form Cover

 Form for exemption notification


CONSOB notification on clearing threshold pursuant to Regulation EU n. 2012/648 (EMIR) art. 4 (a) and art. 10, as amended by Regulation EU n. 2019/834

EMIR Refit provides for a new regime to determine when Financial counterparties (FC) and Non-Financial counterparties (NFC) are subject to the clearing obligation.

A Financial Counterparty (FC) that enters into position in OTC derivatives contracts may calculate their aggregate month-end average position every 12 months.

Where an FC does not calculate its position or where the aggregate result of the calculation, at group level, exceeds the clearing threshold for at least one asset class, the FC immediately notifies CONSOB and ESMA. From that point onward, the FC becomes subject to the clearing obligation for all the asset classes subject to the clearing obligation.

Non Financial Counterparty (NFC) that enters into position in OTC derivatives contracts may calculate its aggregate month-end average position every 12 months.  

Where the aggregate result of the calculation, at group level, exceeds the clearing threshold for at least one asset class, the NFC immediately notifies CONSOB and ESMA. From that point onward, the NFC becomes subject to the clearing obligation for OTC derivative contracts that pertain to the asset classes in respect of with the result of the calculation exceeds the clearing threshold.

Where the NFC does not calculate its position NFC become subject to the clearing obligation for  the OTC derivative contracts that pertain to any asset class.

This notification should be submitted using the clearing obligation notification form below.

The form also contains a section to notify that the Counterparty   "no longer exceeds the clearing threshold".

 Form for notification on clearing threshold