The European Securities and Markets Authority (ESMA) has published a letter from the European Commission (the Commission) containing a corrigendum to the Commission’s December 2014 letter expressing its intention to endorse with amendments the draft regulatory technical standards (RTS) on the clearing obligation for interest rate swaps.
In the revised letter, the Commission has replaced headings 2 and 3 (i.e. clarifying the calculation of the threshold for investment funds and excluding from the scope of the clearing obligation non-EU intragroup transaction) with a new heading on providing intragroup transactions with third-country counterparties with a transitional period.
The amended draft RTS attached to the December 2014 letter remain unchanged.
View Letter from Commission – Corrigendum, 16 February 2015