EMIR – European Market Infrastructure Regulation
The European Market Infrastructure Regulation (EMIR) was adopted during 2012 to increase the transparency and reduce counterparty credit risk and operational risk between market participants in the derivatives markets. EMIR applies to all legal entities using derivatives instruments, both OTC and exchange traded.
EMIR Refit – as of 29 April 2024 (UK on 30 September 2024)
The new EMIR Refit reporting rules go live in the EU on 29 April 2024 and in the UK on 30 September 2024 and are designed to further enhance the harmonisation and standardisation of reporting:
- New and modified data fields that were not required previously in the EMIR reporting
- Global standards harmonisation – EMIR aims to align reporting fields to global standards
- Notification of significant or material reporting issues to regulators
- Increased requirements on exchange of Unique Transaction Identifiers (UTIs)
Nordea´s EMIR Status
Legal entity | Nordea Bank Abp |
LEI code | 529900ODI3047E2LIV03 |
Counterparty categorisation: | Financial Counterparty (FC+) |
Corporate sector: | Credit Institution |
Counterparty categorisation
EMIR requires the categorisation of counterparties into one of three different categories*; Financial Counterparty (FC), Non-Financial Counterparty (NFC) and Exempted Entity. These categories can then be divided up in sub-groups:
Financial Counterparty | Non-Financial Counterparty | Exempted Entity |
FC+ | NFC+ | Wholly exempted e.g. Central Banks and public bodies managing public debt in EU and certain other countries |
FC- | NFC- | Exempted from everything but reporting e.g. certain multilateral development banks |
Private individuals (wholly exempted) |
- An insurance undertaking or reinsurance undertaking authorised in accordance with Directive 2009/138/EC;
- A credit institution authorised in accordance with Directive 2013/36/EU;
- An investment firm authorized in accordance with Directive 2014/65/EU;
- An institution for occupational retirement provision (IORP), as defined in point (1) of Article 6 of Directive (EU) 2016/2341;
- A UCITS and, where relevant, its management company, authorised in accordance with Directive 2009/65/EC, unless that UCITS is set up exclusively for the purpose of serving one or more employee share purchase plans;
- An alternative investment fund (AIF), as defined in point (a) of Article 4(1) of Directive 2011/61/EU, which is either established in the Union or managed by an alternative investment fund manager (AIFM) authorised or registered in accordance with that Directive, unless that AIF is set up exclusively for the purpose of serving one or more employee share purchase plans, or unless that AIF is a securitisation special purpose entity as referred to in point (g) of Article 2(3) of Directive 2011/61/EU, and, where relevant, its AIFM established in the Union;
- A central securities depository authorised in accordance with Regulation (EU) No 909/2014
Counterparties that are neither captured under the definitions of a Financial Counterparty or an Exempted Entity are to be considered an Non-Financial Counterparty.