The European Securities and Markets Authority (ESMA) has published Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity.
The purpose of this consultation paper is to collect feedback on a proposal to extend the phase-in period for the clearing obligation to the smallest financial counterparties justified by the difficulties that those counterparties are facing in establishing the necessary clearing arrangements to meet their compliance deadline and the limited impact in terms of systemic risk that these counterparties represent.
ESMA will consult the European Systemic Risk Board and, where relevant, the competent authorities of third-countries as required when developing technical standards on the clearing obligation. ESMA will consider the feedback it received to this consultation and expects to publish in Q4 2016 a final report including draft technical standards to be endorsed by the European Commission. The consultation closes on 5 September 2016.