timely confirmation; portfolio reconciliation and compression; dispute resolution; marking-to-market or marking-to-model; the exchange of collateral to cover the exposures arising from OTC derivatives not cleared by a CCP; increased capital requirements; the reporting of unconfirmed trades

The onshored UK EMIR REFIT also brings into UK legislation amendments to UK EMIR that make the regime more proportionate for certain firms. Key changes include the following:
• Financial counterparties that are considered small (small financial counterparties or SFCs) are exempted from the clearing obligation, while remaining subject to risk mitigation obligations.
• Non-financial counterparties (NFCs) are subject to reduced clearing obligations.
• The exemption from the clearing obligation for Pension Scheme Arrangements (PSAs) is extended by another 4 years for UK and EEA PSAs.
• A streamlined reporting regime, including mandatory delegation to FCs when facing an NFC, and exemption from the reporting requirements for intragroup transactions when one of the counterparties is an NFC.