UK:
FCA Factsheet On Review Of The Calculation Of The Clearing Threshold By NFCs
17 September 2014
Shearman & Sterling LLP
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On September 3, 2014, the UK Financial Conduct Authority
("FCA") published a review finding factsheet on the
calculation of the clearing threshold by non-financial
counterparties ("NFCs") and their compliance with the
European Market Infrastructure Regulation ("EMIR"). The
review, which was conducted in June 2014, focused on energy and oil
producers and their approach to defining hedging activity and
monitoring their status against the clearing threshold. The FCA
review found that: (i) NFCs are accurately identifying hedging and
non-hedging transactions; (ii) some issues are evident on trade
reporting in relation to data retrieval and mismatching; (iii) a
move towards electronic confirmation needs to be encouraged; and
(iv) NFCs have adequate portfolio reconciliation arrangements in
place. The FCA has conducted several similar reviews on the
implementation of EMIR, most of which focus on the clearing
threshold and reporting obligation.
The FCA factsheet is available at: http://www.fca.org.uk/static/documents/emir-factsheet-energy-and-oil-producers.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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