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Further EMIR Delay as Commission Extends Deadlines for Third-Country Equivalence advice

On 14 June 2013, the European Securities and Markets Authority (ESMA) published a letter received from the EU Commission extending again the deadlines for ESMA to deliver technical advice on third-country equivalence under EMIR.  The delay has been agreed in order to allow ESMA more time to take account of international on-going developments and follows an early postponement agreed in February 2013.

The original deadline for advice was 15 June 2013.  Now, advice on the equivalence of the US and Japan is due on 1 September 2013 with advice on other third-countries due on 1 October 2013.

On the same day, ESMA also updated its EMIR website to indicate that the first trade repositories are unlikely to be registered before August 2013.  Interestingly, the reporting start date for IRS and CDS is still noted as being 23 September 2013, a deadline which it is generally thought will now not in reality occur until November 2013.

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