The EC has today published an RTS and accompanying annex adding three more currencies to the EMIR IRS clearing mandate. The RTS specifies obligations for fixed-to-float interest rate swaps and FRA’s in: Swedish Krona, Polish Zloty and Norwegian Krone. It delineates phase-in periods conforming to the existing clearing counterparty classifica tion: Category 1 (clearing members)- […]

On 27 May 2016, ESMA published a Consultation Paper on draft technical advice under the Benchmarks Regulation, with the objective of submitting the final report to the Commission in October 2016. The consultation is a follow-up to the Discussion Paper which covered both the technical advice and the technical standards. The consultation phase is divided […]

ISDA has published an updated EMIR classification letter. The letter amends the July 2015 version to align with the final draft RTS on CDS clearing and on IRS clearing in certain additional EEA currencies. The letter also amends the definition of “Category 1 entity” to accord with the final G-4 IRS RTS. Further amendments will […]

Following the CFTC-EU Common Approach and the EC’s recognition of US equivalency; the CFTC yesterday unanimously approved a positive “comparability determination”, allowing DCO/CCPs subject to EMIR to benefit from substituted compliance with its clearing regulations. EU-authorised, and hence EMIR-compliant, CCPs will now be effectively absolved from CFTC requirements for financial resources, risk management, settlement procedures […]

The only recently-acknowledged elephant of EU-US CCP lack of equivalence is one step closer to leaving the room. The European Commission has today granted the CFTC status as an equivalent regulatory regime for CCPs. The determination will be effected by a legally-binding implementing act in accordance with Article 25(6) EMIR. The decision follows the 10 […]

The European Supervisory Authorities (ESAs) comprising the EBA, ESMA, and EIOPA yesterday released the final draft RTS on margin for non-cleared derivatives. The long-awaited RTS details margin requirements for uncleared derivatives under Article 11 EMIR.  The final draft implementation timeline is unchanged, the requirements will enter into force on 1 September 2016, subject to the […]

The EC yesterday adopted a Delegated Regulation implementing mandatory clearing for certain CDS. Under the Regulation, the obligation will apply to the four clearing categories as follows: Category 1- 9 months after the entry into force of the RTS Category 2- 15 months after the entry into force of the RTS Category 3- 21 months […]

On 15 February 2016, ESMA published a Discussion Paper on the Benchmarks Regulation. The paper was published ahead of the entry into force of the regulation, in order to give stakeholders more time to share their views on the outstanding points to be addressed in delegated acts and technical standards. The regulation is expected to […]

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published two draft reports on the Commission’s proposals to postpone the application date of MiFID II, MiFIR, MAR and the CSDR. Both drafts state that the Parliament intends to adopt the proposals at first reading. The reports are accompanied by an explanatory statement by […]