Impendium Systems: European Commission Report on the treatment of central banks and public entities under EMIR - clearing and reporting obligations clarified

When the European Markets Infrastructure Regulation (EMIR) was adopted there were uncertainties on the treatment of foreign central banks in respect of the application of the OTC derivatives reforms. The European Council postponed a decision on the application of EMIR to third-country central banks until there was more clarity on local regulatory frameworks.
The Commission has now published a report setting out that Japanese and US central banks and public bodies will not be subject to
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