MEP’s voted on the 17th to establish their position on critical details of the single resolution system. During yesterday’s Parliamentary hearing, ECB President Mario Draghi said, “I urge you and the Council to swiftly set up a robust Single Resolution Mechanism, for which three elements are essential in practice: a single system, a single authority, […]

While it was always a fair bet that major banks would be vociferous in their objections to the CFTC’s  closing of a putative cross-border regulation loophole, it is (at least recently) unusual to see the EU join the critical chorus. Bank lobbyists and Republican lawmakers have strenuously objected to the CFTC’s 15th November advisory statement, […]

On 18 October 2013, the European Securities and Markets Authority (ESMA) published consultation paper 2013/1292 to provide technical advice to the European Commission on the procedural rules for imposing fines and periodic penalty payments on Trade Repositories (TRs). The advice requested is in relation to Article 64(7) of EMIR and sets out ESMA’s preferred options […]

On 23 October 2013, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report containing a motion for an EU Parliament resolution on a framework for non-bank RRP.  In the motion, ECON: calls on the EU Commission to prioritise recovery and resolution of central counterparties (CCPs) and those central securities depositories (CSDs) which […]

On 17 October 2013, the EU Commission published a list of the individual responses it received to its May 2013 consultation on “Reforming the structure of the EU banking sector” (see this blog post for more information), together with a summary of those responses. The truly non-shocking conclusion to be drawn is that the banking […]

The Single Resolution Mechanism (SRM) proposed by the EU Commission in July has suffered a fresh blow (see this blog for SRM background).  On 7 October 2013, an opinion from the European’s legal service sheds serious doubt on the legality of giving a new agency wide discretion to close troubled banks under EU treaties, potentially […]

On 1 October 2013 Steve Maijoor, the European Securities and Markets Authority (ESMA) Chair delivered a speech at the BWF/ICMA Capital Markets Conference.  Mr  Maijoor indicated that there will be no delay to the reporting date for Exchange Traded Derivatives (ETDs) since ESMA will provide some questions and answers on ETD reporting prior to the […]

In a surprise move, the EC announced yesterday that it will not take ESMA’s advice, counselling a one year delay to the start of futures reporting under EMIR. Full reporting for exchange-traded derivatives will begin in January 2014 as per the original timetable. Risk quotes EC EMIR tsar Patrick Pearson,”The decision has been taken that […]

On 26 September 2013, the European and Markets Authority (ESMA) issued a press release announcing that the European Commission has revised the delivery date for its draft regulatory technical standards (RTS) on the cross-border application of EMIR (Art. 4(4) and 11(14)).  The time limit has been extended from 25 September 2013 to 15 November 2013. […]