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EMIR clearing mandate expands beyond G4

The EC has today published an RTS and accompanying annex adding three more currencies to the EMIR IRS clearing mandate. The RTS specifies obligations for fixed-to-float interest rate swaps and FRA’s in: Swedish Krona, Polish Zloty and Norwegian Krone. It delineates phase-in periods conforming to the existing clearing counterparty classifica tion:

  • Category 1 (clearing members)- 6 months after RTS entry into force
  • Category 2 (FCs and AIFs > 8bn EUR OTC transactions)- 12 months after RTS entry into force
  • Category 3 (FCs and AIFs < 8bn EUR OTC transactions)- 18 months after RTS entry into force
  • Category 4 (NFCs)- 36 months after RTS entry into force

The delegated act also lays down the minimum remaining maturities for the frontloading requirement, which will start 2 months after entry into force for Categories 1 and 2.The Regulation is subject to Parliamentary scrutiny and approval, following which it shall enter into force 20 days after its multi-lingual publication in the OJ.

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