FCA Decommissions EMIR Web Portal
On February 6, the UK’s Financial Conduct Authority (FCA) updated its webpage, which informs firms how to submit notifications required by the European Market Infrastructure Regulation (EMIR). This is in response to EMIR Refit, which became effective on January 1. For more information, please see the June 14 edition of the Corporate & Financial Weekly Digest.
In particular, on the updated webpage, the FCA advises firms that the “EMIR web portal” will be decommissioned on March 31 and, thereafter, that all EMIR notifications will need to be submitted using the FCA’s web-portal “FCA Connect,” except for applications for intragroup exemptions from bilateral margining, which must be submitted by email.
The “FCA Connect” system will already be familiar to most FCA-authorized firms, who will have a Connect account for their other FCA submissions. For firms who do not already have a Connect account, the FCA has provided instructions on how to open an account. This will be particularly relevant to non-financial counterparties.
The updated webpage is available here.