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ESMA Publishes Feedback to Second Consultation on EMIR Clearing Obligation (CDS)

The European Securities and Markets Authority (ESMA) has published the responses it received to its second consultation paper (ESMA/2014/800) focussing on the credit default swap (CDS) classes subject to the clearing obligation under EMIR.  Earlier this year, ESMA determined that some interest rate swaps (IRS) and credit default swap classes should be subject to central clearing (please see earlier blog post).

Following the consultation process, ESMA will submit a final report on draft regulatory technical standards (RTS) for IRS and CDS to the European Commission for endorsement in the form of Commission Regulations. A phased-in implementation process is expected, ranging from six months to three years after entry into force of the RTS, depending on the respective category.

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