This document is a guide for assisting companies in implementing EMIR, the European Markets Infrastructure Regulation.
Finanstilsynet, the Norwegian FSA, pointed out at Energy Norway's seminar on 13. June 2017 and on their homepage in an article dated 9.6.2017 that EMIR comes into force in Norway on the 1 July 2017. Finanstilsynet expects firms to start complying with the EMIR obligations as from that date, even though the implementing legislation is not yet officially adopted. For the electricity sector, these obligations concern the determination of the counterparty status and the implementation of risk mitigation procedures for OTC derivatives. More details below. Reporting will start from the 1 January 2018 according to Finanstilsynet, again before formal implementing legislation might be in place. Again, more details below.
Finanstilsynet pointed out, that they will always aim at applying the current status of the EMIR rules, in the form and shape they are enforced in the EU. This means in practice that Norwegian firms can implement directly the currently applicable version of the EMIR obligations, without starting with previous and outdated versions.
This guide is meant to point companies in the right direction, but it cannot replace company internal processes, due diligence and documentation. This guide is not legally binding and should be considered as a living document. It may (but must not) be updated from time to time, if for example ESMA, the European Securities Markets Authority, publishes new guidance or EMIR legislation gets revised. There will be frequent references to legal texts in this document; links to all referenced legal text will form a separate chapter of the document.