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Topic: Clearing and Settlement

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Published in OJ – Commission equivalence decisions for CCPs in China and Israel

On 24 June 2022, there was published in the Official Journal of the EU (OJ): Commission Implementing Decision (EU) 2022/984 of 22 June 2022 on the equivalence of the regulatory framework of the People’s Republic of China for central counterparties (CCPs) that are authorised to clear OTC derivatives in the interbank market and supervised by … Continue Reading

Commission adopts two equivalence decisions for Chinese and Israeli CCPs

On 22 June 2022, the European Commission adopted two equivalence decisions for central counterparties (CCPs) under the supervision of the People’s Bank of China and the Israel Securities Authority. Both equivalence decisions do not come into force until published in the Official Journal of the EU. The equivalence decisions follow the recent decisions adopted for … Continue Reading

European Commission considers Euro-clearing overhaul

On 16 June 2022 the European Commission hosted a meeting of the Derivatives and Market Infrastructures Member States Working Group, which is an expert group composed of Member States’ representatives. The agenda for the meeting included consideration of possible legislative and non-legislative measures to be developed in the context of the European clearing strategy announced … Continue Reading

ESMA public statement on implementation of the clearing obligation for pension scheme arrangements

On 16 June 2022, the European Securities and Markets Authority (ESMA) published a public statement regarding the implementation of the clearing obligation for pension scheme arrangements. The statement refers to the European Commission publishing on 9 June 2022 a Delegated Act exempting pension scheme arrangements from the clearing obligation until 18 June 2023. The statement … Continue Reading

ESAs propose extending temporary exemptions regime for intragroup contracts during EMIR review

On 13 June 2022, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend Commission Delegated Regulation (EU) 2016/2251 on bilateral margin requirements. The European Securities and Markets Authority has also published a final report with a new draft RTS proposing to amend accordingly the three Commission … Continue Reading

Commission adopts delegated acts on reporting, data quality, data access and registration of trade repositories under EMIR

On 10 June 2022, the European Commission adopted a number of delegated and implementing acts supplementing the European Markets Infrastructure Regulation (EMIR). At the time of writing the Commission had published provisional versions of the adopted text: Commission Delegated Regulation (EU) / of 10.6.2022 supplementing EMIR with regard to regulatory technical standards (RTS) specifying the … Continue Reading

Commission report assessing whether viable technical solutions have been developed for the transfer by PSAs of cash and non-cash collateral as variation margins and the need for any measures to facilitate those viable technical solutions

On 9 June 2022, the European Commission published a report assessing whether viable technical solutions have been developed for the transfer by pension scheme arrangements (PSAs) of cash and non-cash collateral as variation margins and the need for any measures to facilitate those viable technical solutions. The European Market Infrastructure Regulation (EMIR) contains a temporary … Continue Reading

Commission adopts and updates equivalence decisions for five non-EU jurisdictions

On 8 June 2022, the European Commission adopted decisions determining that the legal and supervisory frameworks for central counterparties (CCPs) in Chile, Malaysia and Indonesia are equivalent to the requirements applicable under the European Market Infrastructure Regulation. The Commission has also amended its existing equivalence decisions for CCPs in South Africa and India. On 9 … Continue Reading

ESMA publishes technical standards to suspend the CSDR buy-in regime

On 2 June 2022, the European Securities and Markets Authority (ESMA) published a final report containing draft regulatory technical standards (RTS) suspending for three years the application of the mandatory buy-in rules provided in Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing the Central Securities Depositories Regulation (CSDR) with regard to RTS on … Continue Reading

ESMA proposes EUR 1 billion increase of the commodity derivatives EMIR clearing threshold

On 3 June 2022, the European Securities and Markets Authority (ESMA) issued a final report presenting draft regulatory technical standards (RTS) that change the clearing threshold (CT) for commodity derivatives. The final report follows a discussion paper on the CTs that the ESMA published on 21 November 2021. The discussion paper included a section on … Continue Reading

Central clearing: Three lessons and a path forward – speech by Christina Segal-Knowles

On 19 May 2022, Christina Segal-Knowles gave a speech at the European Association of CCP Clearing Houses (EACH) in Brussels. The speech addressed central clearing, and the lessons that can be learnt from recent episodes of market stress in order to make central clearing stronger. The speech highlights how, going forward, cross border cooperation is … Continue Reading

ESMA issues four consultations on CCP resolution regime

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued four consultation papers on proposed guidelines for the EU central counterparty (CCP) resolution regime. The consultation papers cover draft guidelines on: The summary of resolution plans. The guidelines provide resolution authorities with guidance as to the type of information that should be included … Continue Reading

ESMA report on highly liquid instruments

On 19 May 2022, the European Securities and Markets Authority (ESMA) issued a final report on highly liquid financial instruments for central counterparty (CCP) investment policies under the European Market Infrastructure Regulation (EMIR). The final report has been published in response to a mandate that the European  Commission issued on 18 May 2020 asking the … Continue Reading

ESMA final reports on CCP resolution regime

On 16 May 2022, the European Securities and Markets Authority (ESMA) published its final reports on the central counterparties’ (CCPs) resolution regime under the Regulation on CCP recovery and resolution (CCPRRR). The final reports are: Final report on guidelines on the application of the circumstances under which a CCP is deemed to be failing or … Continue Reading

Published in OJ – Commission additional equivalence decisions for US exchanges

Further to our blog ‘European Commission adopts additional equivalence decisions for US exchanges’ the following were published in the Official Journal of the EU on 6 April 2022: Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the … Continue Reading

ESMA responds to Commission consultation on EMIR review

On 5 April 2022, the European Securities and Markets Authority (ESMA) announced that it had provided a high-level response to the European Commission’s consultation on a targeted review of the European Markets Infrastructure Regulation (EMIR) with respect to the EU’s central clearing framework. In its response the ESMA begins by outlining certain key considerations regarding … Continue Reading

European Commission adopts additional equivalence decisions for US exchanges

On 4 April 2022, the European Commission adopted a decision declaring that a number of United States (US) exchanges supervised by the US Securities Exchange Commission (SEC) are equivalent to EU regulated markets. Derivatives traded on these US exchanges will now be treated as exchange-traded derivatives under EU law. The Commission has also amended its … Continue Reading

EMIR and SFTR data quality report 2021

On 1 April 2022, the European Securities and Markets Authority (ESMA) published the second edition of its Data Quality Report which is based on the data that was gathered under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) reporting regimes. The purpose of the report is to provide a holistic … Continue Reading

ESMA final report – Guidelines on transfer of data between Trade Repositories under EMIR and SFTR

On 25 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing: Guidelines that amend the current guidelines on transfer of data between trade repositories (TRs) under the European Markets Infrastructure Regulation (EMIR). The amendments seek to strengthen the existing framework to port records from one TR to another under EMIR. … Continue Reading

ESMA extends UK CCPs’ recognition decisions

On 25 March 2022, the European Securities and Markets Authority (ESMA) announced that it had amended the recognition decisions and tiering determination decisions in respect of the three recognised UK central counterparties (CCPs) – ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd – that were adopted by ESMA on 25 September 2020, to … Continue Reading

ESMA updates on third-country CCP recognition decisions

On 25 March 2022, the European Securities and Markets Authority (ESMA) announced a series of updates in relation to the recognition of central counterparties (CCPs) established in third countries under the European Markets Infrastructure Regulation (EMIR). The updates include the review of recognitions of third country CCPs (TC–CCPs)  that were already previously recognised, the conclusion … Continue Reading

ESRB response to the Commission targeted consultation on the review of the central clearing framework in the EU

On 22 March 2022, the European Systemic Risk Board (ESRB) published a letter that it had sent to the European Commission concerning the targeted consultation on the review of the central clearing framework in the EU. Generally, the ESRB welcomes the consultation which reflect its proposals set out in a response to an earlier consultation … Continue Reading

Commission proposes simpler rules to make settlement in EU financial markets safer and more efficient

On 16 March 2022, the European Commission published a draft Regulation that amends the Central Securities Depositories Regulation (CSDR). In addition, the Commission has published FAQs, an impact assessment and a summary impact assessment on its proposal. The draft Regulation is intended to improve: The passport regime by, for example, shortening the period to transmit … Continue Reading

ESMA: Updated guidance on the annex to ESMA opinion determining third-country trading venues for the purpose of transparency under MiFIR

On 14 March 2022, the European Securities and Markets Authority (ESMA) published guidance on the annex to its opinion determining third-country trading venues for the purpose of transparency under the Markets in Financial Instruments Regulation (MiFIR). The guidance provides an overall description of the third-country trading venues’ assessment. It also provides general guidance concerning updates … Continue Reading
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