Taking it Easy: EMIR, Intragroup Transactions and NFC+s

ESMA has announced that it expects competent authorities not to prioritise their supervisory actions towards group entities that benefit from the derogation for intragroup transactions and NFCs+ that are not above the clearing threshold in the interest rate derivatives asset class on or after 21 December 2018 and to generally apply their risk-based supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner (see ESMA’s statement here).

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