Source: https://www.generali.com/info/European-Market-Infrastructure-Regulation
Timestamp: 2019-08-23 02:52:01
Document Index: 180271944

Matched Legal Cases: ['Art. 11', 'Art. 20', 'Art. 11', 'Art. 11', 'Art. 20', 'Art.11']

European Market Infrastructure Regulation - Generali Group
Generali Group / European Market Infrastructure Regulation
Information on the exemption of intra-group transactions from the margining obligation pursuant to the Regulation (EU) n. 648/2012, European Market Infrastructure Regulation (EMIR).
Publication according to Art. 11 para. 11 EMIR and Art. 20 Delegated Regulation (EU) 149/2013.
Pursuant to Regulation (EU) No 648/2012 (“EMIR”), counterparties are generally obliged to provide collateral for non-cleared OTC-derivatives. Assicurazioni Generali S.p.A. and its subsidiaries referred to paragraph 5 have been granted exemptions from this obligation in accordance with Art. 11 para. 3 EMIR with respect to intra-group transactions. According to Art. 11 para. 11 EMIR, Art. 20 Delegated Regulation (EU) 149/2013, the following details on the exemptions obtained have to be published.
a joint-stock company incorporated under the laws of Italy, fully paid in share capital € 1.565.165.364,00 with its registered seat in Trieste, Italy; its office at Piazza Duca degli Abruzzi n. 2, Trieste, Italy, and registered at Business Register at the Italian Chamber of Commerce and Industry under identification number 00079760328, registered in the Register of Italian Insurance and Reinsurance Companies under no. 100003, Parent Company of Generali Group, registered in the Register of Insurance Groups (Albo dei gruppi assicurativi) under no. 26, (LEI Code: 549300X5UKJVE386ZB61), on one hand,
and the subsidiaries listed below in paragraph 5 (each a “counterparty” and together, the “counterparties") on the other hand.
The counterparties are consolidated subsidiaries of Assicurazioni Generali S.p.A. and are therefore part of the Generali Group. Further details on the group structure and the relationships between the counterparties and Assicurazioni Generali S.p.A. are disclosed in its Annual Report.
4. Type of exemption and Transaction volumes
The exemption of intra-group transactions from the margining requirements pursuant to Art.11 (3) EMIR covers the following kind of derivative transactions:
i. the asset class of OTC derivative contracts:
ii. the type of OTC derivative contracts:
SWAP and Forward Foreign Exchange Rate
iii. the type of underlying:
Foreign Exchange Rate Euro against Czech Crown
iv. the notional and settlement currencies:
Notional EUR, Czech Crown; settlement currencies EUR, Czech Crown
v. the range of contract tenors:
vi. the settlement type:
Physical settlement and/or cash settlement
vii. planned volumes of the transactions:
Counterparties Notional (up to, in €) Frequency
€50mln
€500mln
Please note that this is the authorized maximum amount of the derivatives notional. The exemption to such intra-group transactions from the margining obligation has been granted for the full amount of the notional.
5. List of Subsidiaries
Counterparty LEI Code
GP Reinsurance EAD, with legal seat in Bulgaria
31570030000000000356
Penzijní společnost České pojišťovny, a.s., with legal seat in Czech Republic
315700CQ0BNME49XTC17
Česká Pojišťovna, a.s., with legal seat in Czech Republic
31570010000000054609
Generali Pojišťovna, a.s., with legal seat in Czech Republic
31570010000000041611
Generali CEE Holding B.V., organizační složka, with legal seat in The Netherland and operative unit in Czech Republic
31570010000000041320