On 27 March 2015, ESMA updated its list of CCPs authorised under EMIR. The list now reflects the extension of LCH.Clearnet’s authorisation to include derivative contracts relating to inflation rates or other economic variables, the execution of which takes place on a regulated market. The Public Register was updated on the same day and indicates […]

In a keenly-awaited judgement, the European Court of Justice has ruled that the ECB does not have authority under EU law to oversee CCPs that clear euro-denominated trades. The General Court held that: “The ECB lacks the competence necessary to regulate the activity of securities clearing systems as its competence is limited to payment systems […]

ESMA yesterday published a letter from the EC’s Director General for Finance Jonathan Faull to his frequent correspondent, ESMA Chairman Steven Maijoor. The letter is a correction to its 18 December 2014 missive, which delineated the amendments necessary to secure the EC’s endorsement of ESMA’s draft RTS on the IRS clearing obligation. The revisions are […]

On 29 January 2015, ESMA released its formal opinion on the draft RTS covering the clearing obligation of interest rate swaps. This is the latest exchange in a ping pong game between ESMA and the European Commission. On 1 October 2014, ESMA originally submitted the draft RTS to the European Commission, but on 18 December […]

On 22 January 2015, Athens Exchange Clearing House (AthexClear) has been authorised as the first Greek CCP under EMIR. The authorisation covers MiFID financial instruments, namely Securities – Equity and Debt (RM[1]) – and Derivatives – Equity and Currencies (RM). In addition, AthexClear`s authorisation includes Securities Lending – Equity and Debt (OTC) clearing services. The list of […]

On 9 January 2015, CME Clearing Europe Ltd became the first central counterparty (CCP) to be granted an extension of authorisation under EMIR. The extension covers assets that are not MiFID financial instruments, specifically Commodities, Emission/Climatic, Freight. Only European Commodity Clearing and Keler CCP have also been authorised for this class.    

ESMA have published a letter received yesterday from the EC’s Director General Jonathan Faull, clarifying desired changes to the Clearing RTS. Controversial , and probably unworkable, frontloading obligations will no longer be “backdated”. The letter proposes that frontloading should begin two months after the publication of the RTS for Category 1 clients, and five months […]

As an early Christmas gift to European financial lawyers (and presumably their opticians as well) ESMA has today published a Consultation paper on MiFID II\MiFIR and a Consultation paper Annex B on their respective RTS. In combination, the two papers total 1165 pages, the deadline for submission of responses is 2 March 2015. While the […]

The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]