ISDA has published an updated version of its classification letter under the European Market Infrastructure Regulation (EMIR). The updated version:
- aligns the definition of Category 1 Entity to that used in the final, published version of the interest rate products RTS;
- adds two new questions, allowing the named entity to state its clearing category in respect of each of the second rates RTS and the index credit default swaps RTS; and
- removes the forward-looking statement about classification in respect of future classes of over-the-counter derivatives contracts made subject to mandatory clearing.
(Source: ISDA updates EMIR classification letter)