The European Securities and Markets Authority (ESMA) has published a consultation paper on indirect clearing arrangements under EMIR and MiFIR.

The consultation paper covers the draft regulatory technical standards (RTS) on indirect clearing arrangements for exchange-traded derivatives (ETD) under MiFIR as well as the draft amendments to Commission Delegated Regulation No. 149/2013 with regard to the RTS on indirect clearing arrangements for over-the-counter derivatives under EMIR.

ESMA can initiate the review of RTS it has developed to ensure they fulfil their objective and ESMA is conducting such a review for the EMIR RTS with regard to the provisions related to indirect clearing. The objective of the consultation is to consider:

  • certain amendments to the EMIR RTS in order to address specific issues raised in the context of the prior consultation for the draft MiFIR RTS on indirect clearing for ETD; and
  • a new version of the draft RTS that takes into account the feedback from the MiFIR consultation and the consistency requirement of the MiFIR mandate.

The deadline for comments on the consultation paper is 17 December 2015.

View ESMA consults on indirect clearing arrangements, 5 November 2015