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ESMA Updates EMIR Timeline

As per this blog post on the OTC Space, ESMA has updated the indicative EMIR timeline on its website.

15 September 2013 now appears to be the first date upon which a CCP can be authorised under EMIR – previously this had been cited as April 2013.  In addition, ESMA estimates that no Trade Repositories will be registered before August 2013 (previously it had been thought that this process would begin in 25 June 2013), meaning that reporting may now not begin until November 2013 (with respect to IRS and CDS) as opposed to September 2013, as was previously the case.  However, in a FCA market update lecture given today, whilst unaware of the changes to the ESMA timeline, the FCA confirmed their belief that the reporting obligation with respect to all other asset classes would continue to apply from 1 January 2014.

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