NOR GVT OTC Derivatives Clearing

On Oct. 16, NOR GVT updated on EMIR OTC derivatives clearing.

  • NOR GVT updated on regulation 2021/1456 on supplementary rules regarding EMIR regulation on OTC derivatives, central counterparties and trade repositories.
  • EEA/EFTA countries' draft EEA committee decision submitted to EC on Oct. 12, 2022.
  • Follows EC Sep. 2021 published Reg 2021/1456 in EU official journal, see #100123.
  • Overview
  • The regulation is supplementary to EMIR post amendment by EMIR Refit regulation.
  • It includes detailed requirements for business conditions for clearing members and clients who offer direct or indirect customer clearing services according to EMIR.
  • The business conditions must be fair, reasonable, non-discriminatory and transparent (FRANDT: fair, reasonable, non-discriminatory and transparent), per EMIR rules.
  • The regulation has not yet been included in EEA Agreement; it will be incorporated into Norwegian law via incorporation into Securities Regulations once in EEA Agreement.
  • Does not entail financial/administrative consequences beyond those in main legal act.
  • Entry into force date to be adapted so in force at earliest at same time as EMIR Refit.
  • Must also be assessed if there is need to adapt species on transitional arrangements.
  • So EEA/EFTA actors receive similar transitional period from in force date in EEA/EFTA, as EU actors received from the time the legal act came into force in the EU.
  • Dec. 2022 EEA Decision Adopted
  • On Dec. 10, 2022, EFTA announced issuance of EEA Dec 332/2022 of Dec. 9.
  • It amends Annex IX (Financial services) to EEA Agreement by adding point 31bcy.
  • Addition refers to dir 2021/1456; dec in force on Dec. 10, 2022 if all notifications in art 103 EEA Agreement made or on entry into force day of Dec 50/2021 whichever is later.
  • Jun. 2023 Official Journal
  • On Jun. 29, 2023, EEA JC issued Joint Committee Dec 332/2022 in the Official Journal.
  • EFTA has yet to confirmed in force date, pending constitutional requirements.
  • Jun. 2024 EEA JC Decision in Force Date
  • On Jun. 28, 2024, EFTA confirmed Dec 332/2022 comes into force from Aug. 1, 2024.

Regulators EEA JC; EFTA; NOR GVT
Entity Types B/D; Depo; Exch; IA; Inv Co; OTC
Reference PR, 6/28/2024; OJ L 164/73, 6/29/2023; PR 12/10/2022; Dec 332/2022, 12/9/2022; PR 10/16/2022; Reg 2021/1456; EMIR REFIT Reg 2019/834; EMIR Reg 648/2012; EEA Agreement; Citation: 332/2022;
Functions Compliance; Financial; Legal; Operations; Outsourcing; Risk; Settlement; Treasury
Countries Norway
Products Clearing; Derivatives; Fund Mgt; Securities
Regions EMEA
Rule Type Guidance
Rule Date 10/16/2022
Effective Date 8/1/2024
Rule Id 150857
Linked to Rule :100123
Reg. Last Update 6/28/2024
Report Section EU

Last substantive update on 07/02/2024