The European Commission has adopted a Delegated Regulation that amends Commission Delegated Regulation 2016/2251 supplementing the European Markets Infrastructure Regulation with regard to regulatory technical standards for risk-mitigation techniques for over-the-counter derivative contracts not cleared by a central counterparty.
The new Commission Delegated Regulation amends an error in Article 37 of Commission Delegated Regulation 2016/2251 which should contain a phase-in provision on variation margin requirements to intra-group transactions in a way analogous to initial margin requirements. The error in Article 37 was due to a technical error in the process leading to the adoption of Delegated Regulation 2016/2251 where the inclusion of the two paragraphs on the phase-in of the variation margin requirements to intra-group transactions was omitted.