Information on the exemption of intra-group transactions from the margining obligation pursuant to the European Market Infrastructure Regulation (EMIR)
Publication according to Art. 11 para.14 EMIR and Art.20 Delegated Regulation (EU) 149/2013
1. Background
Pursuant to Regulation (EU) No 648/2012 ("EMIR"), counterparties are generally obliged to provide collateral for non-cleared OTC-derivatives. Allianz Re Dublin dac and Allianz SE, its counterparty, 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. 14 EMIR, Art. 20 Delegated Regulation (EU) 149/2013, the following details on the exemptions obtained have to be published.
2. Affected counterparties
This publication relates to intra-group transactions between:
Allianz Re Dublin dac
Allianz House
Elmpark
Merrion Road
Dublin 4
Ireland
LEI-Code: 529900KDXMUUS7EMLI38
and its financial counterparty
Allianz SE
Königinstraße 28
80802 München
Germany
LEI-Code: 529900K9B0N5BT694847
3. Group structure
Allianz Re Dublin dac, a wholly owned subsidiary of Allianz Europe B.V., registered office at Keizersgracht 484, 1017 EH, Amsterdam / the Netherlands, is a consolidated subsidiary of Allianz Group with Allianz SE the ultimate parent company with headquarters in Koeniginstrasse 28, 80802 Munich / Germany. Further details on the group structure and the relationships between the counterparties are disclosed in the Allianz Group Annual Report and the Allianz Re Dublin dac Solvency and Financial Condition Report.
4. Type of exemption
The exemption of intra-group transactions from the margining requirements pursuant to Art.11 (3) EMIR covers intra-group derivative transactions and includes the exchange of the variation margin as well as the exchange of the initial margin.
5. Transaction volume
The exception for intra-group transactions from the margining obligation covers all OTC derivatives between Allianz Re Dublin dac on one hand and Allianz SE on the other hand. The planned annual volume of FX derivative transactions amounts to approximately EUR 1.5bn nominal volume. For equity derivative transactions an annual volume of up to EUR 10mn is covered. Please note that these are estimates of the future notional amounts per year and that the actual notional amounts may differ.
Further information on the intra-group exemptions
Further information on intra-group exemptions of Allianz Group are available on the Allianz Group website: https://www.allianz.com/en/investor_relations/announcements/EMIR/
As of July 8, 2019