Introduction On 15 March 2012, the European Securities and Markets Authority (“ESMA”) published two documents relating to EMIR: an opinion incorporating draft regulatory technical standards on colleges for central counterparties (the “CCP College RTS”); and a Final Report containing guidelines and recommendations for establishing consistent, efficient and effective assessment of interoperability arrangements. The CCP College […]

On 12 March 2013, the FSA updated its website dealing with EMIR notifications and exemptions. From 15 March 2013, using the forms provided, non-financial counterparties are required to notify the FSA if: They have breached the EMIR clearing threshold (i.e. they are NFC+), or They no longer breach the EMIR clearing threshold (i.e. they are […]

On 12 March 2013, ESMA published “Practical guidance for the recognition of Third Country CCPs by ESMA”.  It is a useful guide for any Third Country CCP seeking recognition under Article 25 of EMIR to provide clearing services in the EU, providing such information as: contact details via which ESMA is to be notified of […]

On 13 February 2013, the European Commission published an update to its FAQ document on EMIR, including a new question (number 13) and answer relating to timely confirmations. Article 11(1) of EMIR requires financial counterparties and non-financial counterparties that enter into OTC derivative contracts not cleared by a CCP to have in place “appropriate procedures […]

Risk Magazine is reporting that over 200 funds, managed by 77 fund managers, are known to be “Active Funds” and so will be subject to mandatory clearing under the Dodd-Frank Act, due to commence in relation to certain IRS and CDS on 11 March 2013. According to the article, up to a third of these […]

Introduction Beginning on 11 March 2013, mandatory clearing will be introduced on a phased basis under the Dodd-Frank Act in relation to “Category 1 Entities” executing “Covered Swaps”.  From that day, subject to certain exemptions, it will become unlawful[1]for any Category 1 Entity to engage in any Covered Swap unless the swap in question is […]

On 8 February 2013, following the approval by the EU Parliament of the draft regulatory technical standards (RTS) made pursuant to EMIR, the EU Commission published a declaration regarding implementation of the RTS. The Commission noted the Parliament’s concerns and has stated that: the obligation for non-financial firms to clear will be phased-in over “an […]

On 7 February 2013, the European Securities and Markets Authority (ESMA) published a list of the responses which it received to its 20 December 2012 consultation paper “Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements”. Once finalised, the guidelines will seek to clarify obligations for National Competent Authorities in relation to their […]

On 2 January 2013, the CFTC published a list of the 65 entities which had provisionally been registered as swap dealers under the Dodd-Frank Act. As of 31 December 2012, these entities began reporting interest rate and credit index swap transaction data to swap data repositories.  On 28 February 2013 reporting of equity, foreign exchange […]