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Topic: Clearing and Settlement

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GFXC publishes Request for Feedback on draft guidance papers for pre-hedging and last look

On 11 May 2021, the Global Foreign Exchange Committee (GFXC) announced that it was seeking industry feedback on draft guidance papers for the usage of ‘pre-hedging’ and ‘last look’ within foreign exchange markets. When finalised the guidance papers will not be part of the FX Global Code but should instead be read alongside it. The … Continue Reading

Commission Delegated Regulation extending the transitional period for PSAs

On 6 May 2021, the European Commission adopted a Delegated Regulation extending the transitional period referred to in Article 89(1), first subparagraph, of the European Market Infrastructure Regulation (EMIR). EMIR provides for a temporary exemption from the clearing obligation for pension scheme arrangements (PSAs) meeting certain criteria. This transitional period is set out under Article … Continue Reading

Commission Delegated Regulation (EU) 2021/732 of 26 January 2021 amending Delegated Regulation (EU) No 667/2014

On 6 May 2021, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2021/732 of 26 January 2021 amending Delegated Regulation (EU) No 667/2014 with regard to the content of the file to be submitted by the investigation officer to the European Securities and Markets Authority (ESMA), the right to … Continue Reading

IOSCO report – thematic review on business continuity plans with respect to trading venues and intermediaries

On 6 May 2021, the Board of the International Organization of Securities Commissions (IOSCO) published a report on a thematic review that was conducted on the extent to which participating IOSCO member jurisdictions have implemented regulatory measures consistent with the two recommendations and the two standards set out in the 2015 IOSCO reports on business … Continue Reading

BCBS, CPMI and IOSCO survey clients and non-bank intermediaries on margin calls

On 5 May 2021, the Basel Committee on Banking Supervision, the Committee on Payments and Market Infrastructures and the International Organisation of Securities Commissions announced that they had issued a survey on the use of margin calls as part of an examination into liquidity shortfalls during the early stages of the COVID-19 pandemic. This work … Continue Reading

ROC consultative document – Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance

On 5 May 2021, the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier (LEI) System published a consultative document, Harmonisation of critical OTC derivatives data elements – revised CDE Technical Guidance. The Technical Guidance for the Harmonisation of critical OTC derivative data elements (Technical Guidance) provides technical guidance on the definition, format and … Continue Reading

Extension of the transitional provisions related to own funds requirements for exposures to CCPs

On 28 April 2021, the European Commission published for consultation a draft Implementing Regulation that would extend by 12 months (until 28 June 2022) the transitional periods during which institutions can treat exposures to a third-country central counterparty (CCP) that has not been recognised in accordance with the European Market Infrastructure Regulation as if they … Continue Reading

ESMA highlights need for increased efforts on EMIR and SFTR data quality

On 15 April 2021, the European Securities and Markets Authority (ESMA) published its final report on the European Markets Infrastructure Regulation (EMIR) and Securities Financing Transactions Regulation (SFTR) data quality. The report is the first review of data quality since the introduction of the EMIR and SFTR reporting regimes. It also reviews the quality of … Continue Reading

Commission report on possible exemption of post-trade risk reduction services from clearing under EMIR

On 12 April 2021, the European Commission published its report to the European Parliament (EP) and the Council on whether trades that directly result from post-trade risk reduction services (PTRR services) should be exempted from the clearing obligation for over-the-counter (OTC) derivatives under the European Markets Infrastructure Regulation (EMIR). The statutory basis of the report … Continue Reading

Commission Implementing Decision on equivalence of US DCMs under EMIR

On 12 April 2021, there was published in the Official Journal EU Commission Implementing Decision (EU) 2021/583 of 9 April 2021 amending Implementing Decision (EU) 2016/1073 on the equivalence of designated contract markets in the United States of America (USA) in accordance with the European Markets Infrastructure Regulation (EMIR). The EU Commission Implementing Decision amends … Continue Reading

Global Securities Financing Data Collection and Aggregation: FAQs

On 12 April 2021, the Financial Stability Board (FSB) issued FAQs to promote a common approach on the national implementation of the SFT Data Standards. In November 2015 the FSB developed the data standards and processes for collecting and aggregating global data on securities financing transactions (SFTs) (the SFT Data Standards). These built on the … Continue Reading

GFXC publishes request for feedback on proposed changes to the Code and draft disclosure templates

On 8 April 2021, the Global Foreign Exchange Committee (GFXC) announced that as its review of the FX Global Code was nearing completion it was issuing a request for feedback on proposed changes to the Code and draft disclosure templates. The GFXC’s request for feedback covers proposals for updating the Code’s guidance in the following … Continue Reading

ESMA annual peer review of EU CCP supervision

On 8 April 2021, the European Securities and Markets Authority (ESMA) issued an annual peer review report on the supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review measured the effectiveness of NCA supervisory practices in assessing CCP compliance with the European Markets Infrastructure Regulation (EMIR) requirements on … Continue Reading

ESMA publishes guidelines on periodic information for trade repositories

On 6 April 2021, the European Securities and Markets Authority (ESMA) published its final report and guidelines on reporting periodic information and material changes by trade repositories (TRs) supervised under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR). The guidelines set out the information that should be submitted by TRs … Continue Reading

ESMA updates CSDR Q&As

On 31 March 2021, the European Securities and Markets Authority updated its Q&As on the Central Securities Depositories Regulation (CSDR). The latest Q&As on the CSDR contain answers that relate to: The provision of CSD services in other Member States: (i) the first Q&A further clarifies that Article 23 of CSDR applies to all types … Continue Reading

ESMA updates EMIR Q&As

On 31 March 2021, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Markets Infrastructure Regulation (EMIR). ESMA has updated Q&A 51 dealing with trade repositories by clarifying two aspects related to intragroup transactions (IGT) reporting exemption: Reporting of details of derivatives when the IGT reporting exemption ceases to be valid. … Continue Reading

ESMA consults on simplified supervisory fees for trade repositories

On 24 March 2021, the European Securities and Markets Authority (ESMA) issued a consultation on the simplification of supervisory fees for trade repositories under the European Market Infrastructure Regulation and the Securities Financing Transaction Regulation. The deadline for responses to the consultation is 24 April 2021. ESMA will consider the responses and aims to publish … Continue Reading

Commission consults on Delegated Regulation under EMIR extending clearing obligation exemption for pension scheme arrangements for a further year

On 16 March 2021, the European Commission issued a consultation on a draft Delegated Regulation extending for a year the temporary exemption from the central clearing obligation for pension scheme arrangements (PSAs). The European Market Infrastructure Regulation (EMIR) provides for a temporary exemption from the clearing obligation for PSAs meeting certain criteria. This transitional period … Continue Reading

Commission roadmap on CSDR

On 8 March 2021, the European Commission issued a roadmap seeking views on how central securities depositories (CSDs) are working. In particular, the Commission is seeking views on How CSDs are able to operate in different countries across the EU. How requests to use their services are handled. Whether there are other substantive barriers to … Continue Reading

ESMA guidelines to harmonise CCP supervisory reviews and evaluation under EMIR

On 24 February 2021, the European Securities and Markets Authority (ESMA) issued a final report on guidelines designed to assist Member State competent authorities in the application of the European Market Infrastructure Regulation provisions that deal with the review and evaluation of central counterparties. The guidelines will be translated in the official EU languages and … Continue Reading

ESMA board of supervisors – decision on delegation to the ESMA Chair of the adoption of non-controversial opinions on position limits

On 27 January 2021, the European Securities and Markets Authority (ESMA) issued a decision from its board of supervisors concerning the delegation to the chair of non-controversial opinions on position limits. The board of supervisors has delegated to the chair of ESMA the task to: Assess the compatibility of position limits with the objectives of … Continue Reading

Commission Delegated Regulation amending Delegated Regulation (EU) 2016/2251 as regards to the timing of when certain risk management procedures will start to apply for the purpose of the exchange of collateral

On 17 February 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/236 of 21 December 2020 amending technical standards laid down in Delegated Regulation (EU) 2016/2251 as regards to the timing of when certain risk management procedures will start to apply for the purpose of the exchange … Continue Reading

Commission Delegated Regulation (EU) 2021/237 of 21 December 2020 amending RTS laid down in Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types of contracts

On 17 February 2021, there was published in the Official Journal of the EU (OJ) Commission Delegated Regulation (EU) 2021/237 of 21 December 2020 amending regulatory technical standards (RTS) laid down in Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types … Continue Reading
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