The European Commission has adopted a Delegated Regulation supplementing the European Market Infrastructure Regulation with regard to regulatory technical standards on the clearing obligation.
The Delegated Regulation determines that certain over-the-counter derivative contracts denominated in several non-G4 European currencies (the Swedish Krona (SEK), the Polish Zloty (PLN) and the Norwegian Krone (NOK)) that must be cleared through central counterparties.
The clearing obligations will enter into force subject to scrutiny by the European Parliament and the Council of the EU and will be phased in over three years to allow additional time for smaller market participants to comply.
The Delegated Regulation constitutes the third set of classes to be subject to the clearing obligation, following adoption on 6 August 2015 of rules subjecting some classes of interest rate derivative contracts to the clearing obligation and the adoption on 1 March 2016 of rules subjecting some classes of credit default swaps to the clearing obligation.
