ESA Joint Committee · emir-2 Final

In the process related to the intragroup exemption from the exchange of collateral, where a counterparty is a financial counterparty and the other counterparty is a non-financial counterparty and they

Regulation
EMIR
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Question

In the process related to the intragroup exemption from the exchange of collateral, where a counterparty is a financial counterparty and the other counterparty is a non-financial counterparty and they are established in different Member States. Which competent authority should decide on the exemption?

Answer

Only the financial counterparty should apply to its competent authority (as it is mentioned in Article 11(10) of EMIR). According to Article 32(9) of the Commission Delegated Regulation 2016/2251, the competent authority of the financial counterparty will make a decision and will communicate it to the competent authority of the non-financial counterparty. 2. Covered bonds exemption 2.2 Scope of the covered bonds exemption
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This Q&A is published by ESA Joint Committee (EBA, ESMA, EIOPA) and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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