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
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
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
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
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
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
On 3 December 2019, HM Treasury published a letter from the Economic Secretary to HM Treasury, John Glen MP, to the House of Commons’ European Scrutiny Committee Chair concerning the current status of the draft Regulation on a framework for the recovery and resolution of central counterparties (CCPs). Key points in the letter include: on … Continue Reading
On 20 November 2019, the European Central Securities Depositories Association published an updated version of its settlement fail penalties framework. The framework aims to achieve compliance with the Central Securities Depositories Regulation (CSDR) and harmonisation of rules for the creation and operation of settlement penalties mechanisms. The framework focuses purely on the settlement fails penalties-related … Continue Reading
On 14 November 2019, the International Capital Market Association (ICMA) published a press release announcing that it will amend its buy-in rules to support the implementation of the EU Central Securities Depositories Regulation (CSDR) mandatory buy-in provisions. The CSDR creates a mandatory obligation for parties to execute buy-ins against counterparties who fail to settle their … Continue Reading
Introduction On 11 November 2019, the European Securities and Markets Authority (ESMA) published three sets of technical advice to the European Commission (Commission) regarding third country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2). The technical advice covers: how to specify the criteria to determine whether a TC-CCP is systemically important … Continue Reading
On 8 November 2019, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2019/1868 of 28 August 2019 amending Regulation (EU) No 1031/2010 to align the auctioning of allowances with the EU ETS rules for the period 2021 to 2030 and with the classification of allowances as financial instruments pursuant … Continue Reading
On 7 November 2019, the FCA published an updated statement on the reporting of derivatives under the UK EMIR regime in a no-deal scenario. The statement explains that in the event that the UK withdraws from the EU without an agreed deal on 31 January 2020, UK reporting counterparties and trade repositories (TRs) should use … Continue Reading
On 17 October 2019, the European Securities and Markets Authority (ESMA) published the results of a peer review into the approaches of six Member State national competent authorities (NCAs) designed to improve the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR). The peer review assessed how the six NCAs supervised data … Continue Reading
On 11 October 2019, the Council of the EU (Council) published an ‘A’ item note relating to the Permanent Representatives Committee’s (COREPER) approval of the European Parliament’s (Parliament) position on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (EMIR 2.2). The note also invites the Council to approve the … Continue Reading
On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on standardised procedures and messaging protocols under Article 6(2) of the Central Securities Depositories Regulation (CSDR). Article 6(2) of the CSDR requires investment firms to take measures to limit the number of settlement fails. It specifies that these measures should … Continue Reading
On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission (Commission) on the commercial terms for providing clearing services under the Regulation on over-the-counter derivative transactions, central counterparties and trade repositories (EMIR). The adoption of the EMIR Refit Regulation in May 2019 … Continue Reading
On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR). The latest amendments to the Q&As relate to the responsibility for the status of counterparties, status of entities not established in the … Continue Reading
On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Central Securities Depositories Regulation (CSDR). The updated Q&As insert a new question and answer within Part III – Settlement Discipline: How should Article 7(12) of the CSDR apply in respect of cash penalties due to, … Continue Reading
On 16 September 2019, HM Treasury published a letter from John Glen, Economic Secretary to the Treasury to Sir William Cash, House of Commons European Committee Chair, providing an update on the current status of the proposal for an EU Regulation on the recovery and resolution of central counterparties (CCPs). Mr Glen states that the … Continue Reading
On 15 August 2019, the Financial Markets Law Committee (FMLC) published a letter that it had sent to HM Treasury on the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (the Regulations). The Regulations implemented the European Markets Infrastructure Regulation (EMIR) in the UK. HM Treasury’s … Continue Reading
On 23 July 2019, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) issued a joint statement confirming that the final implementation of the margin requirements for non-centrally cleared derivatives would be extended by one year. With this extension, the final implementation phase will take place on 1 … Continue Reading
On 22 July 2019, the European Securities and Markets Authority (ESMA) published its annual peer review report on the overall supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review covered NCAs of CCPs authorised under the European Markets Infrastructure Regulation (EMIR) as of 1 June 2018. On this … Continue Reading
On 15 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on practical questions regarding the European Markets Infrastructure Regulation (EMIR). ESMA has updated the Q&As so that they are aligned with the EMIR Refit Regulation. The following have been amended or deleted: General questions – Question 1 – Funds, counterparties – … Continue Reading
On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation (DTO). ESMA’s statement addresses two areas: clearing and trading obligations for small financial counterparties (FCs) and … Continue Reading
