There has been published in the Official Journal of the EU a Commission Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to central counterparties (CCPs) set out in the Capital Requirements Regulation (CRR) and EMIR.
In order for a CCP to be considered a ‘qualifying’ CCP, it has to be either authorised (for those established in the EU) or recognised (for those established outside the EU) in accordance with the rules laid down in the EMIR. Since the process of authorisation and recognition takes time, the CRR provides for a transitional period during which the higher requirements will not be applied, to ensure a level playing field for EU CCPs. This transitional period was set to expire on 15 December 2015. The implementing act now published extends this period to 15 June 2016.
The Regulation enters into force on the third day following its publication in the Official Journal of the EU.
