Clifford Chance

ISDA EMIR classification letter - guide for the buy-side

22 July 2015

On 13 July 2015, ISDA published the ISDA EMIR Classification Letter (the "Classification Letter"). The Classification Letter allows users of derivatives which are themselves subject to EMIR or which trade with entities which are, to notify their counterparties of the new layer of counterparty classifications arising out of the regulatory technical standards implementing the first clearing obligation in Europe. These classification categories are new and additional to the familiar FC/NFC classifications. This briefing note is relevant to all derivatives users impacted by the EMIR clearing obligation, including EU and non-EU funds, asset managers, pension funds and insurance companies.

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