Tag: EMIR
FCA clear on 2015
The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]
Industry split on EMIR clearing of FX NDF
On Friday, ESMA published the responses it received to the third consultation paper on the clearing obligation under EMIR (ESMA/2014/1185). The consultation paper outlines the regulatory technical standards (RTS) on foreign-exchange non-deliverable forwards (FX NDF) under Article 5(2) of EMIR. The proposed structure excludes physically settled FX contracts with cash-settled forwards subject to mandatory clearing […]
First CCP equivalencies- US still barred from the club
The EC yesterday adopted its first equivalence decisions for the jurisdictions of CCPs in: Australia, Hong Kong, Singapore and Japan. CCPs in these countries will now be able to achieve full recognition by the EU, retaining their qualifying status for reduced capital charges past the 15 December 2014 deadline. Congratulations are due to those countries’ […]
The Extraterrestrial nature of the Extraterritoriality rules
The final Delegated Regulation on the extra-territorial application of EMIR (Commission Delegated Regulation (EU) No 285/2014) came into force on 10 April 2014 with a separate deadline of 10 October 2014 to tackle derivatives contracts that are considered to have a “direct, substantial and foreseeable effect” within the EU (Article 2). ESMA’s intention was to […]
Forward FX now definitely not decided
The FT has reported ESMA’s decision not to define FX derivatives for the purpose of EMIR trade reporting, deferring instead to the 2017 implementation of MiFID II. The advent of mandatory derivatives trade reporting in February exposed Europe-wide fault lines, as national authorities differed on the “derivative or not” status of forward FX contracts, a […]
ESMA consults on EMIR clearing of FX NDF
On October 1 2014, the European Securities and Markets Authority (ESMA) issued its third in a series of consultation papers on the clearing obligation under EMIR (ESMA/2014/1185). Following Consultation paper no. 1 on interest rate swaps (IRS) and paper no. 2 on credit default swaps (CDS), the latest publication clarifies the regulatory technical standards (RTS) […]
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 […]
ESMA Consults Over Definition of Commodity Derivatives
On 29 September 2014, the European Securities and Markets Authority (ESMA) published a consultation paper regarding the definition of ‘commodity derivatives’ under paragraphs C6 and C7 of Annex 1 of MiFID I. The consultation paper is the next stage in a process which began on 14 February 2014, when ESMA wrote to the EU Commission […]
ESMA Publishes Feedback to Second Consultation on EMIR Clearing Obligation (CDS)
The European Securities and Markets Authority (ESMA) has published the responses it received to its second consultation paper (ESMA/2014/800) focussing on the credit default swap (CDS) classes subject to the clearing obligation under EMIR. Earlier this year, ESMA determined that some interest rate swaps (IRS) and credit default swap classes should be subject to central […]
LME Clear-ed for lift off
LME Clear, the newly-established clearing house of the LME, has received BoE approval as a CCP under EMIR. The Bank’s authorisation was the final hurdle to clear, following the 28 July approval by European central banks and regulators. LME Clear will offer clearing of all the exchanges derivative products from 22 September 2014. The LME […]