The EMIR REFIT will result in an expansion of the scope of AIFs that are considered to be a “financial counterparty” for the purposes of EMIR. ISDA have prepared an explanatory note to provide a high-level, factual overview of the effect of these changes, including the extent to which these changes might impact upon non-EU based alternative investment funds.
The note is available in English, Japanese and Korean.
Update: The note was updated on 7th June 2019 to take account of publication of the EMIR REFIT Regulation in the Official Journal of the European Union on 28th May 2019.
Documents (3) for ISDA Explanatory Note on Application of EMIR REFIT to Alternative Investment Funds (AIFs)
- ISDA EMIR REFIT Explanatory Note AIFS - updated 7th June 2019(pdf) will open in a new tab or window
- ISDA EMIR REFIT Explanatory Note AIFS (Japanese translation) - Updated 7 June 2019(pdf) will open in a new tab or window
- ISDA EMIR REFIT Explanatory Note AIFs (Korean translation)(pdf) will open in a new tab or window
Latest
Response to BoE on Systemic Stablecoins
On February 10, ISDA responded to the Bank of England’s (BoE) consultation on a proposed regulatory regime for sterling-denominated systemic stablecoins. In the response, ISDA highlights that any regulatory framework should be assessed through the lens of prudent risk management...
SwapsInfo Full Year 2025 and Q4 2025
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in 2025, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by about 46% year-on-year, led by an increase in overnight index swaps (OIS). Index...
ISDA ALF: Katherine Tew Darras Opening Remarks
ISDA Annual Legal Forum London, February 11, 2026 Opening Remarks Katherine Tew Darras ISDA General Counsel Good morning and welcome to ISDA’s Annual Legal Forum. Thank you for joining us today and thanks to our platinum sponsors – Cleary...
Maintaining Focus on Basel III Endgame Recalibration
In its original form, the US Basel III endgame proposal would have resulted in disproportionate increases in capital for trading book activities, forcing banks to make difficult choices about their participation in certain businesses. After two-and-a-half years, a revised proposal...