On Sep. 14, NORFSA expects companies to follow the new EU regime.
NORFSA confirmed it expects supervised entities and other relevant actors to comply with EMIR Refit and the two new Commission Regulations issued by the EU CMSN.
Said that NORFSA will use these regulations as a basis for its supervisory follow-up.
EMIR, included in Norwegian law in Securities trading act § 17-1 first para, stipulates in Art 9 no. 1 derivative counterparties and central counterparties must, as a general rule, report all derivative contracts they have entered into to a transaction register.
EU CMSN Regs 1247/2012, 148/2013 determine how the reporting must take place.
These regulations are part of Norwegian law in § 16-2 of the Securities Regulations.
EU Reg 2019/834 (EMIR Refit) makes major changes to EMIR and as a result, the EU CMSN adopted two commission regulations, 2022/1855 and 2022/1860, with new rules on how derivatives reporting to a transaction register must take place.
At the same time, the previous commission regulations on reporting are repealed.
EMIR Refit/the new regulations have not yet been incorporated into Norwegian law.
Effectiveness
The new reporting regime is introduced by the EU as from Apr. 29, 2024.
