United Kingdom (and EU regulation)

Commission adopts Delegated Regulations supplementing EMIR on tiering, comparable compliance and fees for third-country CCPs

On 14 July 2020, the European Commission published the following on its web page dealing with implementing and delegated acts under the European Market Infrastructure Regulation (EMIR):

Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the criteria that ESMA should take into account to determine whether a central counterparty established in a third-country is systemically important or likely to become systemically important for the financial stability of the Union or of one or more of its Member States (C(2020)4892/F1). The Delegated Regulation lays down rules to further specify the criteria that the European Securities and Markets Authority (ESMA) should take into account to determine whether a third country central counterparty (CCP) is systemically important or likely to become systemically important for the financial stability of the EU or of one or more of its Member States.
Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to fees charged by the European Securities and Markets Authority to central counterparties established in third countries (C(2020)4891/F1). Chapter 1 of the Delegated Regulation lays down the types of fees to be charged to third country CCPs. Chapter 2 defines the payment modalities and the principle of non-reimbursement of fees.
Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the minimum elements to be assessed by ESMA when assessing third-country CCPs’ requests for comparable compliance and the modalities and conditions of that assessment (C(2020)4895/F1) and annexes. The objective of the Delegated Regulation is to specify the minimum elements to be assessed and the modalities and conditions ESMA should take into account when assessing whether a Tier 2 CCP can satisfy compliance with EMIR by complying with its domestic law. Under EMIR (as amended), ESMA is responsible for carrying out the supervision of Tier 2 CCPs that access the EU’s single market. Member States and their national supervisors cannot assess comparable compliance as they have no competence over Tier 2 CCPs.

The Council of the EU and the European Parliament will now consider the Delegated Regulations. If neither the Council nor the European Parliament object, the Delegated Regulations will be published in the Official Journal of the EU (OJ) and enter into force on the day following their publication in the OJ.