Read the full note in PDF format: "EMIR 3.0 - obligations on the buy-side".

Note content:

 1. Background

 2. Clearing

• active account obligation;
• clearing exemption for third country pension scheme arrangements;
• clearing exemption for post-trade risk reduction services;
• clearing activity reporting;
• collateral types and CCPs; and
• clearing and CCP transparency.

 3. Trade reporting

• reporting requirements;
• reporting by NFC+s;
• reporting by NFC-s; and
• reporting breaches.

 4. Risk mitigation and margin

• implementation period for daily valuations;
• implementation period for the exchange of margin;
• margin exemption for stock options and equity index options; and
• initial margin model validation rules.

5. Classification and scoping

• clearing threshold calculations; and
• intragroup transactions.

Please speak to your usual Macfarlanes contact, or Will and Edward if you have any questions.