UK Secondary Legislation Published to Implement Changes under EMIR REFIT

The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 have been made and will come into force on July 9, 2019.

The Amending Regulations implement minor changes to existing U.K. financial services legislation (under the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013) to reflect new requirements imposed by EMIR REFIT (also known as EMIR 2.1). The EMIR REFIT regulation implements a series of technical changes to the European Market Infrastructure Regulation, with the aim of reducing burdens on businesses while maintaining financial stability. Member States must ensure that their national implementing legislation reflects the changes imposed by the EMIR REFIT.

In the U.K., the Amending Regulations implement EMIR REFIT changes by way of a number of very small technical changes to UK legislation, for example: (i) granting the FCA the power to specify the information included in applications or notifications made to it; and (ii) incorporating a revised definition of EMIR to reflect the amendment made by EMIR REFIT. 

View the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019.

View details of the EMIR REFIT Regulation.

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