On 16 July 2015, the Central Bank published a feedback statement and the submissions to its public consultation, CP90 ‘Supervision of Non-Financial Counterparties under EMIR’. The statement outlines a revised model of Non-Financial Counterparty (NFC) supervision. The main revisions include:

  • Alignment with ESMA NFC categorisations as NFC-s (below the clearing threshold) and NFC+s (above the clearing threshold);
  • Limiting use of the originally proposed EMIR Regulatory Return (ERR), needing third party assessment, to exceptional cases, primarily cases of non-compliance; and
  • Introducing a modified ERR, the Annual ERR, that is not required to be assessed by a third party and will be required from counterparties that are not classified as NFC+ but have been identified by the Central Bank as having significant derivative positions.

The Central Bank will advise a targeted selection of NFCs of their Annual ERR obligation by the end of September 2015. Relevant counterparties will be required to complete and submit an Annual ERR (provided at Appendix 1 of the statement) in relation to the period 1 January 2015, to 31 December 2015, by the end of January 2016, and on an annual basis thereafter.