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 ESMA Guarantees
On April 30, ISDA responded to the European Securities and Markets Authority (ESMA) consultation paper on guarantees as central counterparty (CCP) collateral and certain aspects of CCP investment policy. ISDA broadly supports ESMA’s proposed draft regulatory technical standards (RTS) to...
ISDA AGM Studio: Jenny Cosco and Jason Granet
Jenny Cosco, global head of government relations and regulatory strategy at LSEG, and Jason Granet, chief investment officer at BNY, speak with Tara Kruse, ISDA’s global head of derivative products and infrastructure, about how firms can manage liquidity pressures during...
Updated OTC Derivatives Compliance Calendar
ISDA has updated its global calendar of compliance deadlines and regulatory dates for the over-the-counter (OTC) derivatives space.
Capital Models Benchmarking: A Framework for Counterparty Credit Risk Internal Models
When firms implement capital models in line with supervisory standards, a range of interpretative and implementation choices inevitably arise. These choices reflect differences in modeling approaches, data availability, system architecture and risk management practices, and can lead to variation in...