Article 5(2) of the European Market Infrastructure Regulation (EMIR) empowers the European Commission (Commission) to adopt, following the submission of draft standards by the European Securities and Markets Authority (ESMA), delegated acts in relation to the clearing obligation, in particular on the dates from when the clearing obligation takes effect.
There are three Commission Delegated Regulations in force on the clearing obligation – Commission Delegated Regulation (EU) 2015/2205 of 6 August 2015, Commission Delegated Regulation (EU) 2016/592 of 1 March 2016 and Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016 (collectively the three Delegated Regulations). To allow a smooth and orderly application of the clearing obligation, counterparties are classified in four categories with a different date of application for each category.
The Commission has now adopted Delegated Regulation (EU) …/… of 16.3.2017 which amends point (c) of Article 3(1) of each of the three Delegated Regulations so that the date from which the clearing obligation takes effect for counterparties in Category 3 is 21 June 2019.
The next step is for the Council of the EU and the European Parliament to consider the Delegated Regulation and if neither of them objects, it will enter into force 20 days after its publications in the Official Journal of the EU.