On 19 December 2012, the European Commission published a press release confirming that it had adopted nine regulatory and implementing technical standards under EMIR.
The regulatory technical standards will be published in the Official Journal of the European Union immediately following the receipt of ‘non-objection’ from the EU Parliament and Council. Both institutions have one month to exercise their right of scrutiny, with this period extendable by an additional one month at their initiative. The regulatory technical standards will then enter into force on the twentieth day following publication and will be legally binding in all Member States without implementation immediately thereafter.
The implementing technical standards are not subject to the above right of scrutiny. They will be published in the Official Journal immediately after their adoption and will enter into force on the twentieth day following publication. However, they will only take effect once the associated regulatory technical standards enter into force, since they complement provisions defined in the relevant regulatory technical standards and are not stand-alone obligations.
One technical standard submitted by ESMA on the specific point of colleges for central counterparties was not endorsed because of concerns as to the legality of some of the provisions. The EU Commission will ask ESMA to redraft the standard and it will be adopted at a later stage.