Authors: Deepak Sitlani, Pauline Ashall, Vinay Samani, Simon Firth, Doug Shaw, Rhian Roberts, Madeleine Wanner, Hannah Patterson Smith

UK - Dates for your diary: Calculations and reporting under EMIR

Following changes to EMIR on 17 June 2019 (EMIR Refit) the methodology for calculating the clearing threshold for non-financial counterparties (NFCs) was amended to be an annual calculation. Unless the calculation has already been re-run since 17 June 2019, or derivatives only began to be entered into since 17 June 2019, the calculation must be re-run by 17 June 2020 for the period June 2019 to May 2020 for an entity to continue to benefit from being an NFC-. Failure to run the calculation would mean that the entity becomes a NFC+.