Even ESMA misses EMIR reports submission deadline
Under Article 85.3 of EMIR, the European Securities and Markets Authority (ESMA) is required to submit a number of reports to the European Commission, the European Parliament and the Council by 30 September 2014. In an open letter to Commissioner Barnier, one day prior to the deadline, ESMA Chair, Steven Maijoor explained the need to postpone the submission of certain reports.
The non-insignificant list includes reports on:
- The application of the clearing obligation under Title II of EMIR and in particular on the absence of the clearing obligation for OTC derivative contracts entered into before the date of entry into force of EMIR.
- The application of the identification procedure under Article 5(3) of EMIR.
- The application of the segregation requirements under Article 39 of EMIR.
- The extension of the scope of interoperability arrangements under Title V of EMIR to transactions in classes of financial instruments other than transferable securities and money-market instruments.
- The access of CCPs to trading venues, the effects on the competitiveness of certain practices, and on the impact on liquidity fragmentation.
- The impact of the application of additional requirements by member states under Article 14(5) of EMIR.
Maijoor justified the need for an extension on the basis that the authorisation process for EU CCPs has not been finalised nor has the Regulatory Technical Standards (RTS) on the clearing obligation.Contact Us