Tag: ESMA

ESMA Consults on EMIR Clearing Obligation
Introduction On 12 July 2013, the European Securities and Markets Authority (ESMA) published a discussion paper regarding the clearing obligation under EMIR, and specifically the regulatory technical standards (RTS) ESMA is required to draft pursuant to Article 5(2) which details: the class of OTC derivatives that should be subject to the clearing obligation; the date […]

Get Me to the Church on Time: CFTC and EU Declare Intentions of Interoperability
One day before today’s cross-border clarification deadline, the CFTC and the EU announced a breakthrough shared approach, which they are calling the “Common Path Forward”. The package of measures is intended to provide clarity, minimise inter-jurisdictional conflict and reduce the possibility of regulatory arbitrage. Like most newly-engaged couples (shotgun or otherwise), the participants had only […]

ESMA Publishes Interoperability Guidelines
On 10 June 2013, ESMA published “Guidelines and Recommendations for establishing consistent, efficient and effective assessment of interoperability arrangements” pursuant to Article 54 of EMIR. The guidelines are directed at national competent authorities (NCAs), defining the factors they should analyse in assessing interoperability arrangements in order to improve the rigor and uniformity of standards applied […]

The CFTC and Legal Entity Identifiers: I’ll Show You Mine If You Show Me Yours
Yesterday the CFTC issued a press release and amended order confirming that, provided the European Securities and Markets Association (ESMA) informs the CFTC that CFTC Interim Compliant Identifiers (CICIs) issued by DTCC-SWIFT are accepted for reporting purposes under EMIR, General Entity Identifiers (GEIs) issued by WM Datenservice (a German entity sponsored by Bafin in relation […]

ESMA Updates EMIR Q&As
On 6 June 2013, the European Securities and Markets Authority (ESMA) published an updated set of questions and answers (Q&As) on EMIR implementation, a follow-up to the original version published on 20 March 2013. The Q&As complement those already published by the EU Commission, first in November 2012 and updated in February 2013. The link […]

EU Commission requests advice on EMIR Trade Repositories
On 24 May 2013, ESMA published a formal request received from the EU Commission for technical advice regarding “procedural rules for taking supervisory measures and imposing fines on trade repositories” pursuant to Article 64 of EMIR. The Commission asks ESMA to focus on rules of procedure for the exercise of powers to impose fines/penalty payments […]

The Impact of EMIR in Asia
An interesting article from Risk Magazine regarding the impact of EMIR Article 25, which requires a central counterparty established in a non-EU country (a “Third Country CCP”) to be recognised by the European Securities and Markets Authority (“ESMA”) if it wishes to provide clearing services to clearing members established in the EU. The six-month grace […]

ESMA Publishes Technical Advice on Fees for Trade Repositories
On 4 April 2013, the European Securities and Markets Authority (ESMA) published its Final Report containing “Technical Advice to the Commission on Fees for Trade Repositories”. Under Article 72 of EMIR, ESMA is to charge fees that fully cover all of its expenditure relating to the registration and supervision of trade repositories and the reimbursement […]

ESMA Publishes Q&A on EMIR
On 20 March 2013, the European Securities and Markets Authority (ESMA) published a Questions and Answers document on EMIR. The document supplements the EMIR FAQ document already published by the European Commission and is designed to promote common supervisory approaches and practices. It is currently comprised of 21 questions and answers divided into 3 parts: […]

ESMA Publishes Draft RTS on CCP Colleges and guidelines on CCP Interoperability
Introduction On 15 March 2012, the European Securities and Markets Authority (“ESMA”) published two documents relating to EMIR: an opinion incorporating draft regulatory technical standards on colleges for central counterparties (the “CCP College RTS”); and a Final Report containing guidelines and recommendations for establishing consistent, efficient and effective assessment of interoperability arrangements. The CCP College […]