Article 85(3) of EMIR provides that the European Securities and Markets Authority (ESMA) shall submit to the European Commission, the European Parliament and the Council of the EU by 30 September 2014 the following reports:

  • on the application of the clearing obligation under Title II and in particular on the absence of the clearing obligation for over-the-counter derivative contracts entered into before the date of entry into force of EMIR;
  • on the application of the identification procedure under article 5(3) of EMIR;
  • on the application of the segregation requirements laid down in article 39 of EMIR;
  • on the extension of the scope of interoperability arrangements under Title V to transactions in classes of financial instruments other than transferable securities and money-market instruments;
  • on the access of central counterparties to trading venues, the effects on the competitiveness of certain practices, and on the impact on liquidity fragmentation;
  • on ESMA’s staffing and resources needs arising from the assumption of its powers and duties in accordance with EMIR; and
  • on the impact of the application of additional requirements by Member States pursuant to article 14(5) of EMIR.

However, ESMA has now published a letter that it has sent to Michel Barnier (Vice-President of the European Commission, responsible for Internal Market, Services) informing him that it will be postponing the submission of the above reports in order to be able to reflect on its experience gained throughout the authorisation process of EU central counterparties, once completed, and the finalisation of regulatory technical standards (RTS) on the clearing obligation, once adopted. In particular, ESMA plans to start the preparation of the report on the application of the identification procedures under article 5(3) of EMIR as soon as the first RTS on the clearing obligation is adopted.

View Postponement of reports due by ESMA under article 85(3) of EMIR, 29 September 2014