Tag Archives: EMIR
ESMA publishes updated EMIR Regulation Q&A
ESMA has added to its EMIR Regulation Q&A document. The updated question relates to Article 41 of EMIR, on margin requirements.
Brexit Bill and policy note covering in-flight legislation published
As part of the preparation for a ‘hard’ Brexit, the Treasury has published a Policy Note that accompanies a draft Bill covering in-flight financial services legislation, currently progressing through Parliament. The Policy Note comments that in scope of the Bill are pieces of EU legislation agreed or in negotiation at the point of exit, with implementation […]
ESMA publishes draft Brexit RTS for uncleared derivatives
ESMA has published a report with draft RTS that would amend the 3 Commission Delegated Regulations on EMIR. ESMA is proposing a limited exemption that would facilitate novation of certain non-centrally cleared OTC derivatives to EU counterparties for a specific time-window in the event of a no-deal Brexit. The proposals would allow novation without triggering the […]
FCA confirms that pension schemes will not need to start clearing OTC derivatives when EMIR exemption expires on 16 August 2018
On 3 July 2018, the European Securities and Markets Authority (ESMA) published a statement on the clearing obligations for pension scheme arrangements under the European Market Infrastructure Regulation (EMIR). EMIR introduced a temporary exemption for certain pension schemes from the obligation to clear their OTC derivative contracts to allow time for a suitable technical solution […]
EP adopts “EMIR Refit” proposal
The European Parliament has voted in plenary session to adopt the so called “EMIR Refit” Regulation. The European Commission has proposed that small financial counterparties (SFCs) should not be subject to the current EMIR clearing obligation where they deal with OTC derivatives at a low volume which would not present a systemic risk to the financial […]
ESMA speaks on a genuine single market
Verena Ross has spoken on progress towards a “genuine” single European financial market, focusing on the role of regulation and supervision. She commented that the EU now has a robust and integrated regulatory framework but stressed the importance of supervision. She discussed the importance of taking the time and effort required for proper implementation and […]
ESMA publishes 2018 Risk Assessment Work Programme
ESMA has published its Risk Assessment Work Programme for 2018, in which it establishes priorities for assessing securities market risks. ESMA will complement ongoing market monitoring through its semi-annual Report on Trends, Risks and Vulnerabilities, and its Quarterly Risk Dashboards, by launching an annual series on EU derivatives markets (based on EMIR data) and an […]
ESMA consults on MiFIR trading obligation RTS
ESMA is consulting on its draft technical standards specifying the trading obligation for derivatives under MiFIR. It has revised its previous approach, and now wants comments by 31 July on the new proposals. These include how to phase-in the trading obligation. The MiFIR trading obligation is closely linked to EMIR. Once a class of derivatives needs […]