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FCA Legislation Update (PDU 17)

On 21 November 2014, the FCA published its policy development update for October 2014 (PDU 17) which details forthcoming FCA publications relating to a number of areas, as detailed below: Prudential Standards Initiative Current Expected Publication Date Previous Expected Publication Date (PDU 16)  Recovery and Resolution Directive – PS to CP14/15 TBC December 2014   […]

ESMA delays delivery of second EMIR clearing draft RTS

On 24 November 2014, the European Securities and Markets Authority (ESMA) published a letter addressed to the European Commission (EC) concerning a delay in further regulatory technical standards (RTS) defining the clearing obligation under EMIR. On 1 October 2014, ESMA submitted the first RTS proposing to establish a clearing obligation on OTC interest rate derivatives […]

Industry split on EMIR clearing of FX NDF

On Friday, ESMA published the responses it received to the third consultation paper on the clearing obligation under EMIR (ESMA/2014/1185).  The consultation paper outlines the regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR. The proposed structure excludes physically settled FX contracts with cash-settled forwards subject to mandatory clearing […]

ESMA updates Q&A on AIFMD….Again

On 11 November 2014, ESMA published its sixth Q&A (ESMA/2014/1357) on the Alternative Fund Managers Directive (AIFMD).  The latest version provides a brief update on the reporting obligations to national competent authorities under Articles 3, 24 and 42 (Section III).  It also adds a new section on the calculation of the total value of assets […]

Practice makes perfect: ESMA consults on revised technical standards for EMIR reporting

On 10 November 2014, ESMA published a Consultation paper (ESMA/2014/1352) on the revision of the regulatory technical standards (RTS) and implementing technical standards (ITS) required under Article 9 of EMIR.  The standards came into force on 15 March 2013 and the practical experience gained since their implementation has revealed some areas of needed improvement.  In […]

ESRB supports ESMA consultation on EMIR clearing of FX NDF

On 6 November 2014, the European Systemic Risk Board (ESRB) published its response to ESMA’s consultation paper (ESMA/2014/1185) on regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR (please see earlier blog). In its response, the ESRB reaffirmed its support for ESMA’s proposal of applying mandatory central clearing to […]

Portugal’s First CCP Announced

OMIClear C.C., S.A. has been added today to ESMA’s list of registered central counterparties (CCPs) under the European Markets Infrastructure Regulation (EMIR). Under EMIR, EU-based CCPs must be registered and non-EU CCPs recognised in the European Union. The full list of registered CCPs can be found on ESMA’s website.

The Extraterrestrial nature of the Extraterritoriality rules

The final Delegated Regulation on the extra-territorial application of EMIR (Commission Delegated Regulation (EU) No 285/2014) came into force on 10 April 2014 with a separate deadline of 10 October 2014 to tackle derivatives contracts that are considered to have a “direct, substantial and foreseeable effect” within the EU (Article 2).  ESMA’s intention was to […]

ESMA consults on EMIR clearing of FX NDF

On October 1 2014, the European Securities and Markets Authority (ESMA) issued its third in a series of consultation papers on the clearing obligation under EMIR (ESMA/2014/1185). Following Consultation paper no. 1 on interest rate swaps (IRS) and paper no. 2 on credit default swaps (CDS), the latest publication clarifies the regulatory technical standards (RTS) […]

Even ESMA misses EMIR reports submission deadline

Under Article 85.3 of EMIR, the European Securities and Markets Authority (ESMA) is required to submit a number of reports to the European Commission, the European Parliament and the Council by 30 September 2014. In an open letter to Commissioner Barnier, one day prior to the deadline, ESMA Chair, Steven Maijoor explained the need to […]

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