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Version date: 21 May 2014 - onwards

OTC Question 19: Classification of non-EU Central Banks [last update 21 May 2014]

Article 1 of EMIR

Article 1 of EMIR - Classification of non-EU Central Banks

In which EMIR counterparty category does a non-EU central bank fall?

OTC Answer 19

If a non-EU central bank is listed in Article 1(4) of EMIR (as amended by the European Commission from time to time pursuant to Article 1(6) of EMIR), it is exempt from EMIR. For the purpose of the clearing obligation and risk mitigation techniques other than exchange of collateral, if a non-EU central bank is not listed in Article 1(4) of EMIR (as amended by the European Commission from time to time pursuant to Article 1(6) of EMIR), it is to be treated under EMIR as a third country entity that would be an NFC if it were established in the EU.