On 31 March 2023, the European Securities and Markets Authority (ESMA) published a public statement on the derivative trading obligation (DTO) in the context of the migration of credit default swap (CDS) contracts out of ICE Clear Europe. The objective of this statement is to support the orderly migration of positions from ICE Clear Europe … Continue Reading
On 29 March 2023, the European Securities and Markets Authority (ESMA) published a Final Report on draft Regulatory Technical Standards (RTS) on business reorganisation plans in accordance with Articles 37(4) and 38(4) of Regulation (EU) 2021/23 on a framework for the recovery and resolution of central counterparties (CCPRRR). With respect to central counterparties’ (CCPs) business … Continue Reading
On 28 March 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on amendments to guidelines on position calculation under the European Market Infrastructure Regulation (EMIR). ESMA has issued the Consultation Paper in preparation for the EMIR Refit go-live on 29 April 2024. The Consultation Paper proposes amendments to the guidelines on … Continue Reading
On 21 March 2023, the European Systemic Risk Board (ESRB) published the following letters regarding the review of the European Market Infrastructure Regulation. The letters draw attention to a number of elements the ESRB recommends incorporating into the EMIR review in order to make the financial system safer.… Continue Reading
On 14 March 2023, the European Commission published Commission Delegated Regulation (EU) of 14 March 2023 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards (RTS) specifying the contents of the resolution plan. This delegated act sets out the contents of the resolution plan in accordance … Continue Reading
On 14 March 2023, the European Commission published Commission Delegated Regulation (EU) of 14 March 2023 supplementing Regulation (EU) 2021/23 of the European Parliament and of the Council with regard to regulatory technical standards specifying the content of the written arrangements and procedures for the functioning of the resolution colleges. This delegated act sets out … Continue Reading
On 13 March 2023, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of the Central Securities Depository Regulation (CSDR). In its Q&As ESMA has provided further Q&As on partial settlement functionality.… Continue Reading
On 1 March 2023, the European Parliament announced that the Economic and Monetary Affairs Committee had adopted its position on the draft Regulation amending the Central Securities Depositories Regulation as regards settlement discipline, cross-border provision of services, supervisory cooperation, provision of banking-type ancillary services and requirements for third-country central securities depositories.… Continue Reading
On 14 February 2023, the International Organisation of Securities Commissions (IOSCO) and Committee on Payments and Markets Infrastructures (CPMI) issued a press release regarding the CPMI-IOSCO stocktake of industry progress on auctions. In the press release the CPMI and IOSCO take stock of the industry progress made since the publication of the CPMI-IOSCO report Central … Continue Reading
On 6 December 2022, the Global Foreign Exchange Committee (GFXC) issued a press release concerning its recent video conference meeting where, among other things, it nominated and elected a new Co-Vice Chair. Also during the meeting GFXC members also agreed to commission a Digital Proportionality Tool for facilitating FX Global Code adherence. This tool to … Continue Reading
On 7 December 2022, the European Commission (“the Commission”) published a Capital Markets Union Clearing Package (“CMU Clearing Package”), which includes, among other measures, a proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”). By means of background, to date EMIR has been amended twice – by EMIR Refit and EMIR … Continue Reading
On 28 November 2022, there was published in the Official Journal of the European Union(OJ) Commission Delegated Regulation (EU) 2022/2310 of 18 October 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 149/2013 as regards the value of the clearing threshold for positions held in over-the-counter (OTC) commodity derivative contracts and … Continue Reading
On 25 November 2022, the European Securities and Markets Authority (ESMA) published updated Q&As on: The Central Securities Depositories Regulation. ESMA has inserted a new Q&A on settlement fails. The Market Abuse Regulation. ESMA has revised the Q&A regarding the prevention and detection of market abuse (persons professionally arranging or executing transactions).… Continue Reading
On 25 November 2022, the European Commission published a Commission Delegated Regulation supplementing the CCP Recovery and Resolution Regulation (CCPRRR) with regard to regulatory technical standards specifying the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources to be used in accordance with Article 9(14) of that Regulation. The Commission … Continue Reading
On 24 November 2022, there was published in the Official Journal of the European Union (OJ) Corrigendum to Commission Implementing Regulation (EU) 2022/1860 of 10 June 2022 laying down implanting technical standards for the application of the European Market Infrastructure Regulation with regards to the standards, formats, frequency and methods and arrangements for reporting… Continue Reading
On 21 November 2022, the European Securities and Markets Authority (ESMA) published a final report on draft regulatory technical standards (RTS) amending Article 19 of Commission Delegated Regulation (EU) 2018/1229 (RTS on Settlement Discipline). Between 11 July and 9 September 2022, ESMA conducted a public consultation seeking stakeholders’ views on possible amendments to the RTS … Continue Reading
On 17 November 2022, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on the types and content of the provisions of cooperation arrangements of the recovery and resolution of central counterparties (CCPs). Some European CCPs provide services to clearing members and their clients located in third countries and some third-country … Continue Reading
On 7 November 2022, the Financial Stability Board (FSB) published a report on OTC Derivatives Market Reforms: Implementation progress in 2022. The report tracks national and regional progress in implementing the G20 reforms to global over-the counter (OTC) derivatives market reforms following the 2007 Global Financial Crisis. The report finds that overall implementation across the … Continue Reading
On 31 October 2022, the European Securities and Markets Authority (ESMA) announced that six central counterparties (CCPs) established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR). ESMA had to tier and review the recognition of all third country CCPs (TC-CCPs) that had been recognised prior to … Continue Reading
On 20 October 2022, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Central Securities Depositories Regulation. ESMA has updated three questions in the Q&As dealing with settlement discipline. Specifically, the updated questions concern cash penalties and relate to scope, calculation and costs and process.… Continue Reading
On 18 October 2022, the European Commission published a Commission Delegated Regulation amending the regulatory technical standards laid down in Delegated Regulation (EU) 149/2013 as regards the value of the clearing threshold for positions held in over-the-counter (OTC) commodity derivatives contracts and other OTC derivative contracts. The Delegated Regulation modifies Article 11 of Commission Delegated … Continue Reading
On 11 October 2022, the European Securities and Markets Authority (ESMA) published the following: Memorandum of understanding related to ESMA’s monitoring of the ongoing compliance with recognitions conditions by CCPs established in Chile and supervised by the Chilean Market Commission. Memorandum of understanding between ESMA and the People’s Bank of China related to CCPs established … Continue Reading
On 13 October 2022, there was published in the Official Journal of the European Union (OJ) Commission Delegated Regulation (EU) 2022/1930 of 6 July 2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) 2018/1229 as regards the date of application of the provisions related to the buy-in regime. Commission Delegated Regulation (EU) … Continue Reading
On 11 October 2022, the European Securities and Markets Authority (ESMA) CCP Supervisory Committee (CCP SC) published strategic objectives, in line with ESMA’s overall strategy for the period 2023-2028 which was launched on 10 October 2022. The CCP strategic objectives build on ESMA’s achievements following the establishment of the CCP SC and outline the most … Continue Reading
