On 20 January 2021, the European Commission published for a four-week public consultation draft equivalence decisions for Australia, Brazil, Canada, Hong Kong, Singapore and the US concerning risk management requirements for transactions in non-cleared OTC derivatives under Regulation (EU) No 648/2012 of the on OTC derivatives, central counterparties and trade repositories (EMIR). The comment period … Continue Reading
On 21 January 2021, the European Securities and Markets Authority (ESMA) published a final report on revised guidelines regarding written agreements between members of central counterparty (CCP) colleges. The objectives of the guidelines are to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform … Continue Reading
On 12 January 2021, HM Treasury published a letter from John Glenn MP (Economic Secretary to HM Treasury) to Lord Kinnoull (Chair of the European Union Committee, House of Lords) providing information on the following: The deficiencies identified in the EU’s delegated acts implementing EMIR 2.2 and the timescale for introduction of EMIR 2.2 regulations … Continue Reading
On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading
On 7 January 2021, the United States’ Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (ESMA) announced that they had signed a new Memorandum of Understanding (MoU) regarding cooperation and exchange of information with respect to certain registered derivatives clearing organisations established in the United States that are central counterparties (CCPs) … Continue Reading
On 29 December 2020, there was published in the Official Journal of the EU a Corrigendum to Commission Delegated Regulation (EU) No 667/2014 of 13 March 2014 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to rules of procedure for penalties imposed on trade repositories by the European … Continue Reading
On 21 December 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR). ESMA has updated the Q&As to clarify the status after the post-Brexit transition period of legacy derivative transactions executed on UK markets and is relevant for EU counterparties in order to determine applicable EMIR … Continue Reading
On 18 December 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/2145 of 1 September 2020 amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the composition, functioning and management of colleges for central counterparties. The Delegated Regulation enters into force on the twentieth day … Continue Reading
On 18 December 2020, there was published a letter from the chairs from the Basel Committee on Banking Supervision (BCBS) and the Committee on Payments and Market Infrastructures (CPMI) encouraging bank supervisors and banks and other participants in the FX market to follow the expectations set out in the 2013 BCBS Supervisory Guidance on managing … Continue Reading
On 17 December 2020, the European Securities and Markets Authority (ESMA) published a final report containing technical standards on reporting, data quality, data access and registration of trade repositories under EMIR REFIT. The layout of the final report is as follows: Section 1 contains the list of legislative references and abbreviations used in the report. … Continue Reading
On 17 December 2020, the European Securities and Markets Authority (ESMA) issued its second report on the clearing solutions for Pension Scheme Arrangements (PSAs) under EMIR. Last year, EMIR REFIT further extended the temporary exemption from the clearing obligation for PSAs until June 2021. To monitor the progress made by the different actors involved towards … Continue Reading
On 17 December 2020, there was published in the Official Journal of the EU Commission Implementing Decision (EU) 2020/2127 of 16 December 2020 amending Commission Implementing Decision (EU) 2019/541 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore in accordance with MiFIR. Commission Implementing Decision … Continue Reading
On 14 December 2020, the European Parliament adopted at first reading the Council’s position on the Regulation on a framework for the recovery and resolution of central counterparties. The Parliament instructs its President to forward its position to the Council, the European Commission and the national parliaments.… Continue Reading
On 9 December 2020, the Financial Stability Board (FSB) issued a paper setting out the answers to questions raised at a virtual outreach meeting which sought to provide stakeholders with further information concerning the questionnaire that was published in August for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in … Continue Reading
On 8 December 2020, the European Commission issued a consultation on a wide range of specific areas where targeted action may be necessary to ensure the fulfilment of the objectives of the Central Securities Depositories Regulation (CSDR) in a more proportionate, efficient and effective manner. The responses to the consultation will help the Commission prepare … Continue Reading
On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation which amends Commission Delegated Regulation (EU) No 667/2014 with regard to the content of the file to be submitted by the investigation officer to the European Securities and Markets Authority (ESMA), the right to be heard with regard to interim decisions … Continue Reading
On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation with regard to rules of procedure for penalties imposed on third country central counterparties (CCPs) or related third parties by the European Securities and Markets Authority (ESMA). The draft Delegated Regulation specifies further the rules of procedure regarding fines and periodic … Continue Reading
On 3 December 2020, the Bank of England (BoE) published its latest Annual Report regarding the supervision of financial market infrastructures (FMIs). Over the past year, the supervision of FMIs has played an important part in advancing and delivering the BoE’s financial stability objective. The Annual Report sets out how the BoE has done that … Continue Reading
On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms. The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October 2019 across Financial Stability … Continue Reading
On 30 November 2020, the FCA updated its EMIR news webpage adding commentary on the following two topics: Notifying us of clearing thresholds for UK FCs and NFCs under UK EMIR. The FCA states that when UK EMIR comes into force at the end of the transition period, UK financial counterparties (FCs) and non-financial counterparties … Continue Reading
On 24 November 2020, the European Securities and Markets Authority (ESMA) published a final report presenting a new set of draft regulatory technical standards (RTS) on the clearing obligation that the European Supervisory Authority has developed under Article 5(2) of the European Market Infrastructure Regulation (EMIR). The draft RTS cover: The treatment of certain intragroup … Continue Reading
On 23 November 2020, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) (together the ESAs) co-published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter (OTC) derivatives not … Continue Reading
On 18 November 2020, there was published: A communication from the Commission to the European Parliament pursuant to Article 294(6) of the Treaty on the Functioning of the European Union concerning the position of the Council on the adoption of a Regulation of the European Parliament and of the Council on a framework for the … Continue Reading
On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading
