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Topic: Clearing and settlement

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Joint Committee of ESAs publish final report on EMIR RTS on bilateral margin requirements and joint statement on introduction of fall-backs

On 5 December 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published its final report on regulatory technical standards (RTS) on the risk mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a central counterparty under Article 11(15) of the regulation on OTC derivatives, central counterparties and trade repositories (EMIR) The draft … Continue Reading

ESMA updates Q&As on CSDR Regulation

On 4 December 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Central Securities Depositories Regulation (CSDR). The updated Q&As revise the first question on settlement discipline relating to matching settlement instructions through the addition of two extra sub questions and answers. The new … Continue Reading

ECSDA updates CSDR settlement fail penalties framework

On 20 November 2019, the European Central Securities Depositories Association  published an updated version of its settlement fail penalties framework. The framework aims to achieve compliance with the Central Securities Depositories Regulation (CSDR) and harmonisation of rules for the creation and operation of settlement penalties mechanisms. The framework focuses purely on the settlement fails penalties-related … Continue Reading

ICMA announces update to buy-in rules for CSDR

On 14 November 2019, the International Capital Market Association (ICMA) published a press release announcing that it will amend its buy-in rules to support the implementation of the EU Central Securities Depositories Regulation (CSDR) mandatory buy-in provisions. The CSDR creates a mandatory obligation for parties to execute buy-ins against counterparties who fail to settle their … Continue Reading

ESMA advises on the supervisory regime for third country CCPs

Introduction On 11 November 2019, the European Securities and Markets Authority (ESMA) published three sets of technical advice to the European Commission (Commission) regarding third country central counterparties (TC-CCPs) under the revised European Market Infrastructure Regulation (EMIR 2.2). The technical advice covers: how to specify the criteria to determine whether a TC-CCP is systemically important … Continue Reading

OJ – Commission Delegated Regulation amending the EU ETS Auctioning Regulation

On 8 November 2019, there was published in the Official Journal of the EU, Commission Delegated Regulation (EU) 2019/1868 of 28 August 2019 amending Regulation (EU) No 1031/2010 to align the auctioning of allowances with the EU ETS rules for the period 2021 to 2030 and with the classification of allowances as financial instruments pursuant … Continue Reading

ESMA peer review report on the quality of data reported under EMIR

On 17 October 2019, the European Securities and Markets Authority (ESMA) published the results of a peer review into the approaches of six Member State national competent authorities (NCAs) designed to improve the quality of derivative data reported under the European Market Infrastructure Regulation (EMIR). The peer review assessed how the six NCAs supervised data … Continue Reading

COREPER approves European Parliament position on EMIR 2.2

On 11 October 2019, the Council of the EU (Council) published an ‘A’ item note relating to the Permanent Representatives Committee’s (COREPER) approval of the European Parliament’s (Parliament) position on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (EMIR 2.2). The note also invites the Council to approve the … Continue Reading

ESMA publishes final report on CSDR guidelines on standardised procedures and messaging protocols

On 8 October 2019, the European Securities and Markets Authority (ESMA) issued its final report on standardised procedures and messaging protocols under Article 6(2) of the Central Securities Depositories Regulation (CSDR). Article 6(2) of the CSDR requires investment firms to take measures to limit the number of settlement fails. It specifies that these measures should … Continue Reading

ESMA consults on the commercial terms for providing clearing services under EMIR

On 3 October 2019, the European and Securities Markets Authority (ESMA) published a consultation paper on draft technical advice to the European Commission (Commission) on the commercial terms for providing clearing services under the Regulation on over-the-counter derivative transactions, central counterparties and trade repositories (EMIR). The adoption of the EMIR Refit Regulation in May 2019 … Continue Reading

ESMA updates Q&As on EMIR implementation

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the Regulation on over-the-counter derivatives, central counterparties and trade repositories (EMIR). The latest amendments to the Q&As relate to the responsibility for the status of counterparties, status of entities not established in the … Continue Reading

ESMA updates Q&As on CSDR

On 2 October 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the Central Securities Depositories Regulation (CSDR). The updated Q&As insert a new question and answer within Part III – Settlement Discipline: How should Article 7(12) of the CSDR apply in respect of cash penalties due to, … Continue Reading

HM Treasury letter concerning proposed Regulation on recovery and resolution of CCPs

On 16 September 2019, HM Treasury published a letter from John Glen, Economic Secretary to the Treasury to Sir William Cash, House of Commons European Committee Chair, providing an update on the current status of the proposal for an EU Regulation on the recovery and resolution of central counterparties (CCPs). Mr Glen states that the … Continue Reading

Basel Committee and IOSCO agree to one-year extension of the final implementation phase of the margin requirements for non-centrally cleared derivatives

On 23 July 2019, the Basel Committee on Banking Supervision (Basel Committee) and the International Organization of Securities Commissions (IOSCO) issued a joint statement confirming that the final implementation of the margin requirements for non-centrally cleared derivatives would be extended by one year. With this extension, the final implementation phase will take place on 1 … Continue Reading

ESMA publishes its annual peer review report on EU CCPs supervision

On 22 July 2019, the European Securities and Markets Authority (ESMA) published its annual peer review report on the overall supervision of EU central counterparties (CCPs) by Member State national competent authorities (NCAs). The peer review covered NCAs of CCPs authorised under the European Markets Infrastructure Regulation (EMIR) as of 1 June 2018. On this … Continue Reading

ESMA updates its EMIR Q&A

On 15 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on practical questions regarding the European Markets Infrastructure Regulation (EMIR). ESMA has updated the Q&As so that they are aligned with the EMIR Refit Regulation. The following have been amended or deleted: General questions – Question 1 – Funds, counterparties – … Continue Reading

ESMA statement on application of MiFIR trading obligation following entry into force of EMIR Refit Regulation

On 12 July 2019, the European Securities and Markets Authority (ESMA) issued a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation (DTO). ESMA’s statement addresses two areas: clearing and trading obligations for small financial counterparties (FCs) and … Continue Reading

ESMA updates the CSDR Q & As

On 1 July 2019, the European Securities and Markets Authority (ESMA) updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR). ESMA has updated Part IV of the Q&As dealing with the scope of internalised settlement. In particular, it provides the following question and answer: What financial instruments should be covered by … Continue Reading

ESMA updates CSDR Q&As

On 18 June 2019, the European Securities and Markets Authority (ESMA) updated its Q&As on the implementation of the Central Securities Depository Regulation (CSDR). The ESMA press release that accompanies this latest version of the Q&As states that the updates: clarify the interaction between the main authorisation procedure (Article 17 of the CSDR) and the … Continue Reading

Commission Delegated Regulation adding People’s Bank of China to Delegated Regulation 2017/1799

On 20 June 2019, there was published in the Official Journal of the European Union (OJ), Commission Delegated Regulation (EU) 2019/1000 of 14 March 2019 amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR. The Delegated Regulation comes into force … Continue Reading

ECB decision and guidelines on TARGET2-Securities

On 20 June 2019, there was published in the Official Journal of the European Union (OJ), Decision (EU) 2019/1006 of the European Central Bank (ECB) of June 7, 2019 amending Decision ECB/2011/20 establishing detailed rules and procedures for implementing the eligibility criteria for central securities depositories to access TARGET2-Securities services. On the same date there … Continue Reading

ESMA updates EMIR Q&As

On 13 June 2019, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of EMIR. The updated Q&As contain: a new Q&A on the calculation of the clearing threshold under Article 10 of EMIR; and a new Q&A on the reporting obligation under Article 9(1) of EMIR.… Continue Reading

ESMA letter on EMIR Refit hedging exemption for calculation of clearing thresholds for non-financial groups

On 14 June 2019, the European Securities and Markets Authority (ESMA)  published a letter to the Commission, dated 7 June 2019, regarding the calculation of the month-end average positions of financial counterparties (FC) in non-financial groups under the EMIR Refit regulation, which is used to determine whether FCs are subject to the clearing obligation when … Continue Reading

EMIR Refit

Introduction The EMIR Refit Regulation (EMIR Refit) will enter into force on 17 June 2019. With some exceptions, it will apply from that date. The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain … Continue Reading
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