Norwegian adoption of Emir to fix cross-border clash
EU banks will be required to clear Nkr swaps – Norwegian banks currently are not
Non-EU countries Liechtenstein and Norway plan to transpose the European Market Infrastructure Regulation (Emir) into their local laws in 2015 – a move that could head off problems for European banks that trade Norwegian krone swaps.
Norway is aiming to take a parliamentary vote in the second half of 2015, and Liechtenstein aims to adopt the regulation by the end of the year. Iceland also plans to make the move but does not have a set timeline in place.
A regulatory specialist at a Nordic bank
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