On 1 October 2014, the European Securities and Markets Authority (ESMA) submitted draft regulatory technical standards (RTS) on the clearing obligation under the European Market Infrastructure Regulation (EMIR), to the European Commission (the Commission). On 18 December 2014, the Commission sent a letter to ESMA, containing a modified version of the draft RTS, informing ESMA of the Commission’s intention to endorse with amendments the draft RTS.
On 29 January 2015, ESMA adopted its formal opinion based on a letter it had received from the Commission, but the Commission sent ESMA a corrigendum to its earlier letter. The draft RTS were unchanged from the Commission’s earlier letter. ESMA has now published a revised opinion taking into account the corrigendum letter.