On 5 February 2013, the Economic and Monetary Affairs Committee (ECON) of the EU Parliament published a motion for a resolution regarding two of the Regulatory Technical Standards (RTS) produced by ESMA under EMIR.  The relevant RTS are: regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading […]

The FT reports that the Economic and Monetary Affairs Committee (ECON) of the EU Parliament yesterday voted 24-20 to reject some of the Regulatory Technical Standards (RTS) drafted by the European Securities and Markets Authority (ESMA) under EMIR. Broadly speaking, concerns are thought to relate to two aspects of the RTS: the fact that the […]

Introduction Further to our blogpost of 22 January 2013, Risk Magazine is now also confirming that, on 4 February, the EU Parliament is set to vote down two of the EMIR regulatory technical standards drafted by ESMA. It is reported that concerns relate to the following technical standards: “Regulatory technical standards on indirect clearing arrangements, the […]

Risk Magazine is reporting that the European Securities and Markets Authority (ESMA) has confirmed that OTC derivatives trades executed before the relevant EMIR regulatory technical standards come into force will not be subject to rules regarding the posting of initial margin. Article 11(3) of EMIR requires financial counterparty to have procedures in place governing the […]