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ESMA delays delivery of second EMIR clearing draft RTS

On 24 November 2014, the European Securities and Markets Authority (ESMA) published a letter addressed to the European Commission (EC) concerning a delay in further regulatory technical standards (RTS) defining the clearing obligation under EMIR.

On 1 October 2014, ESMA submitted the first RTS proposing to establish a clearing obligation on OTC interest rate derivatives (2014-ESMA-1184).  ESMA has finalised the second draft RTS on OTC credit derivatives (the consultation period ended on 18 September 2014), however the EC is currently assessing certain aspects of the first RTS.  To avoid any  knock-on effects, ESMA will  await submission to the EC for endorsement once the assessment process ends.

A table containing links to all the relevant consultation papers and final drafts can be found below.

EMIR CLEARING OBLIGATION

  

Interest Rate Swaps (IRS)

 

Credit Default Swaps (CDS)

 

Foreign-Exchange Non-Deliverable Forwards (FX NDF)

 

Consultation Paper

 

2014-ESMA-799

11 July 2014

 

2014-ESMA-800

11 July 2014

 

2014-ESMA-1185

1 October 2014

 

Final Report

 

2014-ESMA-1184

1 October 2014

 

TBC

 

TBC

 

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