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European Market Infrastructure Regulation (EMIR)

The European Market Infrastructure Regulation (EMIR) is a European regulation regarding derivatives, central counterparties and trade repositories. EMIR is set up following the commitment announced by the Group of 20 (G20) in 2009 to increase regulation on non-centrally cleared derivatives with the objective to increase the stability (mitigation of systemic risk and transparency) within global derivative markets. This regulation entered into force on 16 August 2012 and its obligations gradually took effect from 2013 onwards.

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Please note that this publication only serves to provide general back-ground information, is not necessarily complete or correct, and does not contain individual, legal or other advice. EMIR might impact your (OTC) derivatives business and your relationship with us, so we urge you to inform yourself on this subject and obtain the necessary advice.

Client Classification and Obligations

EMIR recognizes a number of counterparty classifications. The effects, obligations and responsibilities to comply with EMIR vary according to the classification of an entity.

What are the counterparty classifications and obligations under EMIR?

EMIR recognizes the following counterparty classifications:

Financial counterparties that exceed any of the clearing thresholds mentioned in table 1 (FC+)

Financial counterparties that are below all of the clearing thresholds mentioned in table 1 (FC-, commonly referred to as Small Financial Counterparties (SFC))

Non-financial counterparties (i.e. parties that are not FCs including private individuals if they act for commercial purposes) that exceed any of the clearing thresholds mentioned in table 1 (NFC+)

Non-financial counterparties that are below all of the clearing thresholds mentioned in table 1 (NFC-)

Asset Class	Threshold in gross notional value
Credit derivatives	€1 billion
Equity derivatives	€1 billion
Interest rate derivatives	€3 billion
Foreign exchange derivatives	€3 billion
Commodity and other derivatives	€4 billion

Table 1. Clearing thresholds

In order to determine the status, counterparties can calculate the average month-end OTC derivatives positions on group level for the previous 12 months on a yearly basis.

Counterparties that do not calculate their positions will be subject to the clearing obligation for all asset classes.

In calculating their positions, NFCs shall include all OTC derivative transactions that are not objectively measurable as reducing risks.

EMIR further distinguishes exempted or partially exempted entities as well as Third Country Entities (TCE). The EMIR provisions that apply to these counterparties (if any), depend on the specific activities of the entity and/or its location.

Exempted Entities are exempted from clearing and reporting obligations. These entities include members of the European System of Central Banks (ESCB) and other Member States’ bodies performing similar function, EU public bodies charged with the management of public debt, The Bank for International Settlements, and certain Third Country Central banks/ public bodies charged with the management of public debt (subject to the Commission including these entities to the exclusion).

Partially Exempted Entities are subject to reporting obligation. These entities include multilateral development banks, public sector entities if owned by central governments and that have explicit guarantee arrangements provided by central governments, the European Financial Stability Facility and the European Stability Mechanism.

Rabobank Information

Coöperatieve Rabobank U.A (formerly known as Coöperatieve Raiffeisen-Boerenleenbank B.A.)

Emir classification	FC+
Emir Clearing Category	Category 1
Legal Entity Identifier (LEI)	DG3RU1DBUFHT4ZF9WN62
Rabobank is able to clear OTC transactions with the following EU authorized CCP’s	Interest rate swaps: LCH. Clearnet Limited EUREX Clearing AG CME Clearing

EMIR Refit

In December 2022, the European Commission proposed updates to EMIR with EMIR REFIT, as part of a broader package of measures related to the Capital Markets Union (CMU). As a result, several changes will apply per 29 April 2024, particularly in the transaction reporting rules. For more information, see the topic Reporting Obligation.

More information about EMIR Refit

EMIR navigation

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Checklist for corporates

Overview Local EMIR Regulators