The final text to amend technical aspects of the European Market Infrastructure Regulation (the “EMIR Refit”) could enter into force in May/June and will be directly applicable to the UK and to all its financial and non-financial counterparties.
Changes to the definition of “financial counterparty” (“FC“) will apply immediately upon the entry into force of the EMIR Refit. AIFs, their managers and counterparties affected by the new FC definition will need to implement enhanced conduct requirements and amend their ISDA documentation, taking into account whether they will become an FC+ or FC-.
For more information, and any guidance or advice on updating your ISDA documentation in light of the impact of the EMIR Refit, Cleveland & Co, External In-House Counsel™, your specialist outsourced legal team, are here to help.
For information on the changes to EMIR, please click on the image below.