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Topic: Clearing and Settlement

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ESMA consults on clearing solutions for pension scheme arrangements under EMIR

On 2 April 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper covering a range of issues regarding potential central clearing solutions for pension scheme arrangements (PSAs) under the European Market Infrastructure Regulation (EMIR). The consultation paper is based on ESMA’s first report to the European Commission documenting the progress made to … Continue Reading

ESMA publishes advice on fines and penalties for third country CCPs

On 31 March 2020, the European Securities and Markets Authority (ESMA) published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third country central counterparties and alignment of those for trade repositories and credit rating agencies. ESMA’s final technical advice covers: the right to be heard by … Continue Reading

ESMA final draft RTS for CCP colleges under EMIR 2.2

On 30 March 2020, the European Securities and Markets Authority (ESMA) published its final report containing draft amendments to the regulatory technical standards (RTS) incorporated in Commission Delegated Regulation (EU) No 876/2013 on colleges for central counterparties (the Delegated Regulation). The Delegated Regulation has been developed by ESMA and adopted by the European Commission in … Continue Reading

ESMA consults on post-trade risk reduction services under the EMIR Refit Regulation

On 26 March 2020, the European Securities and Markets Authority (ESMA) launched a public consultation on post trade risk reduction services (PTRR) under the European Market Infrastructure Regulation (EMIR). ESMA is mandated to provide a final report to the European Commission, in cooperation with the European Systemic Risk Board, on whether any trades that directly … Continue Reading

ESMA consults on draft technical standards relating to trade repositories under EMIR Refit Regulation

On 26 March 2020, the European Securities and Markets Authority (ESMA) launched a consultation paper on draft Regulatory and Implementing Technical Standards (RTS and ITS) under Regulation (EU) 2019/834 (EMIR REFIT). The ESMA consultation paper covers the technical standards on reporting requirements, procedures to reconcile and validate the data and access by relevant authorities under … Continue Reading

Delegated Regulation amending RTS on risk mitigation techniques on uncleared OTC derivatives under EMIR in context of STS securitisations published in OJ

On 27 March 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/448 amending Commission Delegated Regulation (EU) 2016/2251, which contains regulatory technical standards (RTS) supplementing the European Market Infrastructure Regulation on risk mitigation techniques for over-the-counter derivative contracts, in connection with certain simple, transparent and standardised securitisations for … Continue Reading

Delegated Regulation with RTS specifying criteria for arrangements to mitigate CCP credit risk associated with covered bonds and securitisations under EMIR published in OJ

On 27 March 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/447 supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk associated with covered bonds and securitisations and amending Delegated … Continue Reading

ESMA delays SFTR phase 1 reporting and trade repository registration obligations

On 19 March 2020, the European Securities and Markets Authority (ESMA) issued a public statement regarding the postponement of the reporting obligations related to securities financing transactions (SFTs) under both the Securities Financing Transactions Regulation (SFTR) and the Markets in Financial Instruments Regulation (MiFIR). ESMA understands that the SFT reporting implementation is now heavily impacted … Continue Reading

Stepping up coordination on risks in central clearing

On 26 February 2020, the European Central Bank (ECB) published the introductory remarks by Fabio Panetta (ECB Executive Board Member) at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management. Key points in the speech include: given the significant use of the euro by globally active central counterparties (CCPs), robust arrangements … Continue Reading

ESMA updates the CSDR Q&As

On 17 February 2020, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depositories Regulation (CSDR). Additional Q&As have been added in order to clarify the implementation of the settlement discipline regime, as follows: the costs of the penalty mechanism that are charged to participants by a … Continue Reading

ESMA publishes the final report on MiFIR alignments following the introduction of EMIR Refit

On 7 February 2020, the European Securities and Markets Authority (ESMA) published a final report suggesting amendments to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR) following the introduction of EMIR Refit. The European Market Infrastructure Regulation (EMIR) has been amended by EMIR Refit. The changes introduced by EMIR Refit concern inter-alia … Continue Reading

ESMA final report on postponed entry into force of CSDR RTS on Settlement Discipline

On 4 February 2020, the European Securities and Markets Authority (ESMA) published its final report on draft regulatory technical standards (RTS) on postponing the date of entry into force of Commission Delegated Regulation EU 2018/1229 (the RTS on settlement discipline) to 1 February 2021. The current date of entry into force of the RTS on … Continue Reading

ESMA consults on the use of no data options in securitisation reporting

On 17 January 2020, the European Securities and Markets Authority (ESMA) published a consultation paper on guidelines on securitisation repository data completeness and consistency thresholds. Article 10(7) of the Securitisation Regulation requires ESMA to define regulatory technical standards (RTS) on securitisation repository procedures to “verify the completeness and consistency of the information” that they receive. … Continue Reading

ISDA guide to the cross-border application of US, EU and Japan margin rules for non-cleared derivatives

On 6 January 2020, the International Swaps and Derivatives Association (ISDA) published a guide intended to provide a general overview of the cross-border application of certain margin rules for non-cleared derivatives. Given that a significant number of counterparties will fall within the scope of initial margin requirements for non-cleared derivatives in 2020 and 2021, the … Continue Reading

ESMA report on CCPs’ membership criteria and due diligence

On 7 January 2020, the European Securities and Markets Authority (ESMA) published a report on a survey it conducted into membership arrangements and due diligence by central counterparties (CCPs) towards their clearing members. The report is aimed at Member State national competent authorities, CCPs, individuals applying as a clearing member and non-financial counterparties applying or … Continue Reading

ESMA final report and guidelines on SFTR reporting

On 6 January 2020, the European Securities and Markets Authority (ESMA) published papers relating to the Securities Financing Transactions Regulation (SFTR) Final report on guidelines on reporting under Articles 4 and 12 of the SFTR. The final report provides a detailed assessment of the feedback received to ESMA’s consultation paper published in May 2019, as … Continue Reading

Commission Delegated Regulation amending RTS on risk mitigation techniques on uncleared OTC derivatives under EMIR in context of STS securitisations

On 18 December 2019, the Council of the EU published a final draft of the Commission Delegated Regulation amending Delegated Regulation (EU) 2016/2251 as regards the specification of the treatment of over-the-counter (OTC) derivatives in connection with certain simple, transparent and standardised securitisations for hedging purposes. Article 11 of the European Market Infrastructure Regulation  (EMIR) … Continue Reading

Commission adopts Delegated Regulation under EMIR with RTS specifying criteria for arrangements to mitigate CCP credit risk associated with covered bonds and securitisations

On 16 December 2019, the European Commission adopted a Commission Delegated Regulation supplementing the European Markets Infrastructure Regulation with regard to regulatory technical standards on the specification of criteria for establishing the arrangements to adequately mitigate counterparty credit risk associated with covered bonds and securitisations and amending Delegated Regulations (EU) 2015/2205 and (EU) 2016/1178. In … Continue Reading

Regulation regarding the promotion of SME growth markets published in the OJ

On 11 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2115 amending Directive 2014/65/EU and Regulations (EU) No 596/2014 and (EU) 2017/1129 as regards the promotion of the use of SME growth markets. The Regulation will enter into force on the twentieth day following its publication in … Continue Reading

EMIR 2.2 – legislation published in the OJ

On 12 December 2019, there was published in the Official Journal of the European Union (OJ), Regulation (EU) 2019/2099 amending Regulation (EU) 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (EMIR 2.2). EMIR 2.2 will enter into force on the twentieth day … Continue Reading

CPMI and IOSCO share authorities’ experiences in cooperation to increase FMI safety and efficiency

On 10 December 2019, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report, Responsibility E: A compilation of authorities’ experience with cooperation. The report describes ways in which authorities cooperate with each other in a variety of contexts, with particular emphasis on the expectations in … Continue Reading

ESMA second annual report on EMIR penalties and supervisory measures

On 9 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on the supervisory measures and penalties imposed by Member State competent authorities (NCAs) under the European Market Infrastructure Regulation (EMIR). The report covers the period from January to December 2018 with a focus on NCAs’ supervisory measures and enforcement … Continue Reading

Joint Committee of ESAs publish final report on EMIR RTS on bilateral margin requirements and joint statement on introduction of fall-backs

On 5 December 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its final report on regulatory technical standards (RTS) on the risk mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a central counterparty under Article 11(15) of the regulation on OTC derivatives, central counterparties and trade repositories (EMIR) The draft … Continue Reading

ESMA updates Q&As on CSDR Regulation

On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Central Securities Depositories Regulation (CSDR). The updated Q&As revise the first question on settlement discipline relating to matching settlement instructions through the addition of two extra sub questions and answers. The new … Continue Reading
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