EMIR REFIT came into force on 17 June 2019, helping to level the playing field between the EU and the US.

Key Points:

..Alternative investment funds will bear the brunt of the changes as EMIR REFIT closes an exemption many have relied upon for years to avoid mandatory clearing and margining of OTC derivatives. For such entities there is no grandfathering for existing trades.

..Small financial counterparties and non-financial counterparties benefit from relief with respect to several obligations they originally faced under EMIR.

..Many of these changes bring the EU and US regulatory regimes into closer alignment.