EU Commission Asks ESMA to Draft RTS on Cross-Border Application of EMIR

On 13 May 2013, the European Securities and Markets Authority (ESMA) published a letter received from the EU Commission, requesting that ESMA deliver, by 25 September 2013, the draft regulatory technical standards required by Articles 4(4) and 11(14) of EMIR regarding the application of EMIR to transactions between non-EU entities which have a “direct, substantial and foreseeable effect within the Union”.