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European Commission endorses with amendments the draft regulatory technical standards on margin requirements for non-cleared derivatives

On 28 July 2016, the European Commission (EC) endorsed, with amendments, the draft regulatory technical standards (RTS) on risk-mitigation techniques for OTC derivative contracts not cleared by a CCP under Article 11 of the European Market Infrastructure Regulation (EMIR). The RTS detail the requirements for firms to exchange margins on non-centrally cleared OTC derivatives.

This is in accordance with Article 10 of the European Supervisory Authorities (EBA, ESMA and EIOPA (ESAs)) Regulations and the ESAs have six weeks to respond to the Commission’s amendments.

A letter to the ESAs from the Commission detailing the amendments as well as the text and annex of the delegated regulation can be found on the EC’s EMIR web page.

Central clearing delay for Category 3 firms under EMIR

The European Securities and Markets Authority (“ESMA”) published a consultation paper that proposes to postpone the phase-in date for central clearing of over-the-counter (“OTC”) derivatives applicable to Category 3 firms under the European Market Infrastructure Regulation (“EMIR”). The consultation closes on 05 September 2016 and ESMA will look to publish a final report by the end of 2016 Read more

EMIR updated Q&As

The European Securities and Markets Authority (“ESMA”) updated their EMIR Q&As. The updates include information in relation to the reporting of trades cleared by a clearing house which is not a CCP under the definition of EMIR Read more

European Supervisory Authorities write to European Commission on delay to EMIR margin rules for non-cleared derivatives

On Friday 1 July 2016, the European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – issued a joint letter to the European Commission on the timing of the adoption of the draft regulatory standards (RTS) on risk mitigation techniques for non-centrally cleared derivatives.

In the letter, the ESAs express their concerns about the delayed calendar for the adoption of the RTS on bilateral margins and suggest that any delay should be kept as short as possible.