Under EMIR, intragroup transactions may be exempted from clearing, and if one party is a third country entity, these too may be exempted so long as there is an equivalence decision in place, but so far none is (and Brexit will make this significant because the UK will become a “third country”). The clearing obligation has already been deferred once for intragroup transactions, up to 21st December 2018, and the 19th December 2018 CDR defers it further, up to 31st December 2020. This useful website has more background.
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Mark Daley joined DLA Piper in 2015 after over thirty years’ experience as a debt finance lawyer in private practice in London and Hong Kong.