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EU Commission Approves EMIR RTS on “direct, substantial and foreseeable effect”

On 13 February 2014, the EU Commission confirmed that it had adopted, without modification, a regulatory technical standard (RTS) specifying the contracts that are considered to have a direct, substantial and foreseeable effect within the EU, or to prevent the evasion of rules and obligations.

The RTS had originally been published by ESMA on 18 November 2013 and are adopted pursuant to Articles 4(4) and 11(14) of EMIR.  The Regulation itself will enter into force 20 days after publication in the Official Journal of the EU, except for Article 2 (which deals with “Contracts with a direct, substantial and foreseeable effect within the Union”), which will come into force six months later.

 

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