Intragroup exemption from the reporting obligation
2 August 2019
From 17 June 2019 any intragroup transaction where one counterparty is a non-financial counterparty (or would be qualified as a non-financial counterparty if it were established in the Union) is exempt from the reporting obligation providing that specific circumstances are met (as foreseen in Article 9(1) of EMIR – as changed by EMIR REFIT).
For counterparties entering these derivatives to benefit from this exemption they should first notify their competent authority. For non-financial counterparties established in Croatia, the exemption shall be valid from the expiration of a three month period from the date of the notification, unless Hanfa notifies the non-financial counterparty that the conditions to use the exemption have not been met. This is also subject to the assessment of the other relevant EU NCA in the case of intragroup transactions between a HR counterparty and an intragroup counterparty established in another EU Member State.
As the requirement on what constitutes an intragroup transaction (with the exception that the parent company of the group may not be a financial counterparty) coincide with the intragroup transaction exemption for the clearing obligation, this notification can be submitted using the notification form currently used for the clearing obligation exemption for intragroup transactions (available in Croatian only):
- https://www.hanfa.hr/getfile/43804/Obrazac%20-%20EMIR%20unutargrupni%20izuzeci.xlsx
Please note that Hanfa will enable non-financial counterparties to submit their notification through a separate form shortly. Also please note that the requirements applicable to what constitutes an intragroup transaction in the context of Article 3 of EMIR and in Hanfa’s Decision of 25.07.2019 apply (available in Croatian only):
- /media/wmfetdkc/11-odluka-emir-izuzeće-od-izvještavanja-za-unutargrupne-transakcije.pdf
How to submit a notification form
Counterparties should notify Hanfa using the appropriate form, in a way described in Hanfa’s Decision of 25.07.2019, available here (available in Croatian only):
- /media/fdhfrmym/10-odluka-o-načinu-dostave-svih-obavijesti-iz-emir-a.pdf
