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: […]

On 7 February 2013, the European Securities and Markets Authority (ESMA) published a list of the responses which it received to its 20 December 2012 consultation paper “Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements”. Once finalised, the guidelines will seek to clarify obligations for National Competent Authorities in relation to their […]

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 […]

On 20 December 2012, the European Securities and Markets Authority (ESMA) published a consultation paper on guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements (IAs) for central counterparties (CCPs). The consultation paper is required under Article 54(4) of EMIR and seeks to improve rigor and uniformity of standards, defining  five criteria against […]

On 19 December 2012, the European Commission published a press release confirming that it had adopted nine regulatory and implementing technical standards under EMIR. The regulatory technical standards will be published in the Official Journal of the European Union immediately following the receipt of ‘non-objection’ from the EU Parliament and Council. Both institutions have one […]

On 31 July 2012, in accordance with Article 46(3) of EMIR, the European Systemic Risk Board (“ESRB”) submitted advice to the European Securities and Markets Authority (“ESMA”) regarding: the type of eligible collateral that can be considered highly liquid; the haircuts to apply to asset values; and the conditions under which commercial bank guarantees may […]

On 31 July 2012, the European Systemic Risk Board (“ESRB”) submitted advice to the European Securities and Markets Authority (“ESMA”) on aspects of the draft regulatory technical standards (“RTS”) that ESMA is required to submit to the EU Commission under Article 10(4) of EMIR regarding: criteria for establishing which OTC derivative contracts are objectively measurable […]