On 10 June 2017, a Commission Delegated Regulation exempting central banks in six countries—Australia, Canada, Hong Kong, Mexico, Singapore and Switzerland—from complying with EMIR was published in the Official Journal of the European Union. EMIR imposes clearing, reporting and risk mitigation obligations for derivatives. EU central banks and EU public bodies managing public debt are exempt from EMIR. The European Commission may exempt central banks and public bodies managing public debt from other countries following analysis of the international treatment of the relevant entities in a particular country. Central banks and public bodies responsible for the management of debt in the United States and Japan were the first to be added to the list of exempted bodies through a Commission Delegated Regulation. These new exemptions came into effect on 30 June 2017.
The Delegated Regulation can be accessed at:
http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R0979&from=EN .
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.
