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Final EMIR REFIT Regulation

On 14 May 2019, the Council of the EU published a press release announcing that it had adopted at first reading the proposed Regulation to amend EMIR (the EMIR Refit).

Fundamentally, the EU considered that no major overhaul of EMIR was necessary.  Nonetheless, a number of amendments were implemented via the REFIT process.

The EU concluded that the definition of “Financial Counterparty” needed to be amended.  UCITS or AIFs set up exclusively for the purposes of employee share purchase plans are now exempted from the definition (as they are not considered to pose any kind of systemic risk).