On 11 April 2024, the European Securities and Markets Authority (ESMA) published a Follow-up Report to the Peer Review into supervisory actions aiming at enhancing the quality of data reported under the European Market Infrastructure Regulation (EMIR). The follow up updates on the actions that Member State competent authorities (NCAs)and ESMA (in its role as … Continue Reading
On 4 April 2024, the International Organisation for Securities Commissions (IOSCO) published a Consultation Report titled Evolution in the Operation, Governance and Business Models of Exchanges: Regulatory Implications and Good Practices. The Consultation Report analyses the structural and organisational changes within exchanges. It primarily focuses on business models and ownership structures. Importantly, it also highlights … Continue Reading
On 27 March 2024, the European Securities and Markets Authority (ESMA) published a statement on deprioritising supervisory actions linked to the clearing obligation for third-country pension scheme arrangements (TC PSA), pending the finalisation of the review of the European Market Infrastructure Regulation (EMIR). The Council of the EU and the European Parliament reached a provisional … Continue Reading
On 21 March 2024, the European Securities and Markets Authority (ESMA) published a Feedback Statement received to its October 2023 Call for Evidence on shortening the settlement cycle. Regulation (EU) 2023/2845 (CSDR Refit) mandates ESMA to submit to the European Commission (Commission) by 17 January 2025 a report on shortening the settlement cycle. The purpose … Continue Reading
Our podcast series Split the difference explores divergence between the EU and UK regulatory regimes in the markets space. In the latest episode, Hannah Meakin, Anna Carrier, Georgia Karamani, Floortje Nagelkerke and Simon Lovegrove explore EMIR 3.0 and how the proposed new rules compare with the UK regime.… Continue Reading
On 6 March 2024, there was published in the Official Journal of the EU (OJ) Commission Delegation Regulation 2024/818 of 28 November 2023 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 153/2013 as regards the extension of temporary emergency measures on central counterparty collateral requirements. Commission Delegation Regulation 2024/818 enters into … Continue Reading
On 27 February 2024, the European Securities and Markets Authority (ESMA) published a final report which takes into account the feedback provided by respondents to its earlier consultation paper on draft technical advice to the European Commission (Commission) on fees charged to Tier 1 third-country central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR). … Continue Reading
On 14 February 2024, the Council of the EU published the final compromise text of the proposed Directive, amending Directives 2009/65/EU and (EU) 2019/2034, as regards the treatment of concentration risk on centrally cleared derivative transactions. An ‘I’ item note has also been published.… Continue Reading
On 13 February 2024, the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report ‘Streamlining variation margin in centrally cleared markets – examples of effective practices’. In September 2022, the Basel Committee on Banking Supervision, CPMI and IOSCO published a final report … Continue Reading
On 9 February 2024, the European Securities and Markets Authority (ESMA) published the official translations of its guidelines on the summary of resolution plans to be disclosed to central counterparties (CCPs) subject to resolution planning under Article 12(8) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of CCPs (CCPRRR). The guidelines … Continue Reading
On 8 February 2024, the European Commission adopted a Delegated Regulation supplementing Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR) regarding regulatory technical standards (RTS), specifying the minimum elements to be included in a business reorganisation plan and the criteria to be fulfilled for its approval by the … Continue Reading
On 7 February 2024, negotiators from the European Parliament’s Economic and Monetary Affairs Committee reached a provisional agreement with the Belgian presidency of the Council of the EU on a review of the European market infrastructure regulation and directive. Main elements of the provisional agreement The main elements of the provisional agreement are: Following the … Continue Reading
On 2 February 2024, the European Securities and Markets Authority (ESMA) published the official translations of following guidelines under Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties: Next steps Both guidelines apply from 2 April 2024. Member State competent authorities must notify ESMA by this date whether they comply, … Continue Reading
On 31 January 2024, the European Securities and Markets Authority (ESMA) published a report covering two topics: the cross border provision of services and the handling of passporting requests over three years (2020, 2021 and 2022). The report was published pursuant to Article 74(1) of the Central Securities Depositories Regulation which requires ESMA to submit … Continue Reading
On 26 January 2024, the Board of the International Organisation of Securities Commission (IOSCO) published a consultation report on post trade reduction services (PTRRS). In 2015, IOSCO published the Risk Mitigation Standards (the Standards), setting out standards aimed at mitigating risk in the non-centrally cleared over-the-counter (OTC) derivatives markets. At the time the Standards were … Continue Reading
On 17 January 2024, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) published a report on streamlining variation margin processes and the responsiveness of initial margin models in non-centrally cleared markets. The report follows the 2022 report reviewing margining practices and covers two areas that were discussed: … Continue Reading
On 20 December 2023, the European Supervisory Authorities (ESAs) issued joint draft regulatory technical standards (RTS) under the European Market Infrastructure Regulation (EMIR) where they are proposing a two year extension to the equity option exemption from bilateral margining. The ESAs have also issued a no-action opinion which includes clarifications on supervisory expectations. The draft … Continue Reading
On 19 December 2023, the European Securities and Markets Authority (ESMA) published a final report on proposed updates to its guidelines on position calculation under EMIR Refit. The guidelines provide clarification regarding the time of calculations, the scope of the data to be used in calculations and the calculation methodologies under the new EMIR Refit … Continue Reading
On 15 December 2023, the European Securities and Markets Authority (ESMA) issued a consultation paper regarding technical advice on the penalty mechanism under the Central Securities Depositories Regulation (CSDR). The consultation paper follows the European Commission’s (Commission) third request to ESMA for technical advice on a possible amendment to Commission Delegated Regulation (EU) 2017/389. ESMA … Continue Reading
On 6 December 2023, the Council of the EU issued a press release stating that it had adopted a mandate to start negotiations with the European Parliament on a review of the European Market Infrastructure Regulation (EMIR) and a directive amending Directives 2009/65/EU, 2013/36/EU and (EU) 2019/2034. The European Commission presented a proposal on 7 … Continue Reading
On 29 November 2023, the European Commission published a targeted consultation document – Selection of a unique product identifier for public transparency in over-the-counter (OTC) derivatives transactions. The provisional agreement on the reform of the Markets in Financial Instruments Regulation includes reforms to the scope of pre- and post-trade transparency reporting for OTC derivatives, including … Continue Reading
On 28 November 2023, the European Commission published a Delegated Regulation and an Annex which modifies Article 39 and 62 of Commission Delegated Regulation 153/2013 which supplements the European Markets Infrastructure Regulation with regard to regulatory technical standards on requirements for central counterparties (CCPs). Article 39 is amended to extend the duration during which the … Continue Reading
On 27 November 2023, the Council of the EU issued a press release announcing that it had adopted the proposed Regulation amending the Central Securities Depositories Regulation (CSDR) as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories (CSDs) and amending Regulation No … Continue Reading
On 10 November 2023, the European Parliament published the text that it had adopted at first reading of the proposed Regulation amending Regulation (EU) No 909/2014 as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories. The European Parliament instructs its President to … Continue Reading
