BBA has published an industry solution for ensuring consistency in banks’ classification of derivatives counterparties as financial (FC) or NFC for EMIR purposes. The solution builds on existing industry classification codes to map them according to the definitions of FC and NFC. Where there is no full legal certainty on the classification of a counterparty’s activities, case-by-case checking will be needed.(Source: BBA EMIR Financial/Non-Financial Counterparty Classification under EMIR)