On the 8 April 2019, the CSSF issued Press Release 19/16 addressing financial and non-financial counterparties established in Luxembourg with respect to their clearing obligations.

The CSSF clarified that the Refit text can be adopted and published in the Official Journal of the European Union in May 2019, thus it could enter into force end of May 2019 (20 days after its publication).

As already summarized in our previous article, the Refit introduces a new regime with regards to the clearing thresholds for financial and non-financial counterparties.

CSSF reminds that the Refit does not include a delayed implementation of the new regime. Hence, ManCos involved in the management of funds, which trade OTC derivative contracts, should be ready to determine their aggregate month-end average position for the 12 previous months on the day the Refit enters into force, if they initially chose to perform this calculation.

The full text of the press release may be found here.

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