On 17 September 2013, the European Securities and Markets Authority (ESMA) published: a list of responses to its 12 July 2013 discussion paper on the clearing obligation under EMIR; and a list of responses to its 17 July 2013 discussion paper on draft regulatory technical standards (RTS) on contracts having a direct, substantial and foreseeable […]

On 14 September 2013, the Lithuanian Presidency of the Council of the EU published a press release and a note (synopsis) on the informal meeting of the European Economic and Financial Affairs Council (ECOFIN) in Vilnius.  EU Finance Ministers and Central Bank Governors discussed the proposal for a Regulation for a single resolution mechanism (SRM). […]

Bob Diamond, ex–chief of Barclays writes about the TBTF problem in today’s FT, bemoaning the lack of progress in dealing with this elephant in the financial reform room. He fully supports the consensus opinion that the problem requires: a global resolution system, a level playing field with respect to capital and leverage, and international consistency […]

On 16 September 2013, ISDA published its “Cross-Border Swaps Representation Letter for US Banks” (the “Representation Letter”).  The Representation Letter is designed to assist market participants comply with the provisions of the “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations” published by the CFTC on 26 July 2013.  This describes the circumstances […]

15 September 2013. The deadline for compliance EMIR portfolio reconciliation and CCP registration is here. Portfolio Reconciliation: The deadline falls six months after ESMA’s technical standards were published, requiring counterparties to “”agree in writing or other equivalent electronic means with each of their counterparties on the arrangements under which portfolios shall be reconciled. Such agreement […]

On 13 September 2013, a delegated Regulation (Regulation 876/2013) containing regulatory technical standards (RTS) on colleges for central counterparties (CCPs) was published in the Official Journal of the EU (OJ). The RTS which are required under Article 18 of EMIR, address operational aspects related to the organization and governance of supervisory colleges that must be […]

On 12 September 2013, the European Parliament published a press release announcing the adoption of a package of legislative acts to set up a Single Supervisory Mechanism (SSM) for the Eurozone.  The SSM legislation was adopted with very large majorities and will bring the EU’s largest banks under the direct oversight of the European Central […]

The FT reports that the EC has abandoned plans to move LIBOR supervision to the French-based ESMA. The EC legislative proposals regarding benchmark rates are set to be unveiled next week. In their latest incarnation, London will remain the primary authority for LIBOR, although under supervision from a college of member states, itself subject to […]

The FT headlines today with a leaked opinion from the EU’s own legal service, launching a blistering attack on the EU “Tobin Tax” proposal’s extra-territorial presumption. The levy’s key and most controversial feature is the “residence principle” which seeks to tax any trades by anyone with any entity that is headquartered within the 11 subscribing […]