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Topic: Clearing and settlement

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Implementing Regulation extending transitional periods for CCP exposures own fund requirements published in OJ

On 5 December 2018, there was published in the Official Journal of the EU (OJ) Commission Implementing Regulation (EU) 2018/1889 of 4 December 2018 on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in Regulations (EU) No 575/2013 and (EU) No 648/2012 of the European … Continue Reading

ESMA updates Q&As on EMIR implementation

On 3 December 2018, the European Securities and Markets Authority (ESMA) published an updated version of its Q&As on the implementation of the European Market Infrastructure Regulation (EMIR). ESMA has modified the answer to question 9 of its CCP questions section, which covers margin requirements under Article 41 of EMIR.… Continue Reading

European Council agrees compromise position on supervision of third country CCPs

On 3 December 2018, the European Council published a press release announcing that EU Member States had reached a compromise position on the proposed amendments to the European Market Infrastructure Regulation (EMIR) on how EU and third country central counterparties (CCPs) should be supervised, taking particular account of the effects of Brexit on the European … Continue Reading

ESAs final report on draft RTS amending the risk mitigation techniques for OTC derivatives under EMIR

Introduction On 27 November 2018, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter (OTC) derivatives not cleared by a central counterparty (CCP) (bilateral margin requirements) under the European Market Infrastructure Regulation (EMIR). The draft … Continue Reading

FIA updates position paper on recommendations for CCP risk management

On 27 November 2018, the Futures Industry Association (FIA) published a position paper on recommendations for central counterparty (CCP) risk management. The position paper makes recommendations in the following areas for CCP risk management, including: membership criteria; CCP governance of self-clearing members; margin adequacy (particularly in low-liquidity markets and in respect of concentration risk and … Continue Reading

HM Treasury update on proposed Regulation amending EMIR supervisory regime for EU and third country CCPs

On 22 November 2018, HM Treasury published a letter updating the House of Common’s European Scrutiny Committee on the progress of the proposed EU Regulation (the Regulation) amending the EMIR supervisory regime for EU and third country central counterparties (CCPs). The letter notes that the European Parliament have agreed a position on the draft Regulation. … Continue Reading

EPC publishes updated 2017 SEPA scheme rulebooks and new 2019 SEPA scheme rulebooks

On 22 November 2018, the European Payments Council (EPC) published a number of updated versions of its 2017 Single European Payments Area (SEPA) scheme rulebooks, along with new 2019 editions. The updated 2017 Rulebooks become effective on 1 January 2018, the new 2019 Rulebooks become effective on 17 November 2019. Updated 2017 Rulebooks SEPA Credit … Continue Reading

LEI ROC consults on fund relationships in the GLEIS

On 19 November 2018, the Legal Entity Identifier Regulatory Oversight Committee (LEI ROC) published its second consultation paper on fund relationships in the global LEI system. The consultation paper provides a limited update to the way relationships affecting funds are recorded in the Global LEI System (GLEIS). To ensure consistency throughout the GLEIS, the consultation … Continue Reading

IOSCO report on implementation of principles for regulation and supervision of commodity derivatives markets

On 19 November 2018, the International Organisation of Securities Commissions (IOSCO) published a final report on its survey on the principles for the regulation and supervision of commodity derivatives markets. The report follows on from the IOSCOs Principles for the Regulation and Supervision of Commodity Derivatives Markets (the IOSCO Principles) endorsed by the G20 in … Continue Reading

International standard setting bodies’ final report on impact of G20 regulatory reforms on incentives to centrally clear OTC derivatives

On 19 November 2018, the International Organisation of Securities Commissions (IOSCO), jointly with other international standard setting bodies, published a final report on incentives to centrally clear over-the-counter (OTC) derivatives. The final report provides that: the changes observed in OTC derivatives markets are consistent with the G20 Leaders’ objective of promoting central clearing as part … Continue Reading

FSB progress report on implementation of OTC derivatives market reforms

On 19 November 2018, the Financial Stability Board (FSB) published its thirteenth progress report on the implementation of the G20 over-the-counter (OTC) derivatives market reforms. The FSB notes that continued good progress is being made with regards the OTC reforms. Points of interest within the report include: trade reporting: twenty-one out of 24 FSB member … Continue Reading

FSB report on trade reporting legal barriers recommendations

On 19 November 2018, the Financial Stability Board (FSB) published a report detailing progress by its member jurisdictions in implementing the 2015 recommendations to remove or address legal barriers to the full reporting of over-the-counter (OTC) derivatives data to trade repositories (TRs), and to access by authorities (both domestic non-primary authorities and foreign authorities) to … Continue Reading

FSB discussion paper on financial resources to support CCP resolution

On 15 November 2018, the Financial Stability Board (FSB) published a discussion paper on financial resources to support CCP resolution and the treatment of CCP equity in resolution. The purpose of the discussion paper is to obtain public comment so that is can consider whether there is a need for further guidance on the treatment … Continue Reading

Council of the EU compromise proposal on Regulation amending EMIR supervisory regime for EU and third-country CCPs

On 9 November 2018, the Council of the European Union published its compromise proposal on the European Commission proposal for a Regulation amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs. The compromise proposal shows amendments to the presidency compromise text published … Continue Reading

ESMA final report – EMIR RTS on the novation of contracts for which the clearing obligation has not yet taken effect

On 8 November 2018, the European Securities and Markets Authority (ESMA) published a final report with draft regulatory technical standards (RTS) proposing to amend the three Commission Delegated Regulations on the clearing obligation (Commission Delegated Regulations (EU) No 2015/2205, No 2016/592 and No 2016/1178) under the European Markets Infrastructure Regulation. The draft RTS propose, in … Continue Reading

ESMA clarification of clearing and trading obligations ahead of 21 December 2018

On 31 October 2018, the European Securities and Markets Authority (ESMA) issued a statement  relating to the challenges that certain groups, as well as certain non-financial counterparties above the clearing threshold (NFC+), would face on 21 December 2018 to start CCP clearing some of their OTC derivative contracts and trading them on trading venues. Under … Continue Reading

Compromise proposal on Regulation amending EMIR supervisory regime for EU and third-country CCPs

The Council of the EU has published its latest compromise proposal on the draft Regulation amending the authorisation and recognition regime for third country Central Counterparties (CCPs). The compromise proposal includes amendments to the text of the draft Regulation.… Continue Reading

GFXC update

On 4 October 2018, the Global Foreign Exchange Committee (GFXC) provided an update on its activities. Among other things, the  GFXC has launched a new survey seeking to measure awareness and adoption of the FX Global Code (Code) among market participants. The GFXC also provides an update on the working groups it established to focus … Continue Reading

ESMA final report amending RTS on EMIR clearing obligation

On 27 September 2018, the European Securities and Markets Authority (ESMA) published its final report (the Report) on the clearing obligation under EMIR (no. 6). The Report presents draft regulatory technical standards (the Draft RTS) in Annex III, which relates to the treatment of certain intragroup transactions concluded with a third country group entity. There … Continue Reading

IOSCO policy measures on selling OTC leveraged products to retail investors

On 20 September 2018, the International Organization of Securities Commissions (IOSCO) published a final report on retail OTC leveraged products (the Report), which provides measures for securities regulators to consider when addressing the risks arising from the marketing and sale of OTC leveraged products to retail investors. The Report provides three ‘toolkits’ containing guidance and measures … Continue Reading

FMLC report on proposed Regulation amending EMIR supervisory regime for EU and third-country CCPs

On 14 September 2018, the Financial Markets Law Committee (FMLC) published a paper (dated July 2018), European Market Infrastructure Regulation (EMIR): the European Commission’s Legislative Proposal to Amend Procedures for recognition of Third Country Central Counterparties (the Paper). On 14 July 2017, the European Commission (Commission) adopted a legislative proposal to amend the processes for … Continue Reading

Updated EPC papers for SEPA, SCT and SDD rulebooks

On 18 September 2018, the European Payments Council (EPC) published seven new and updated resources concerning its Single European Payments Area (SEPA) scheme rulebooks: Guidance on reason codes for SCT R-Transactions; Guidance on reason codes for SCT Inst R-Transactions; Guidance on reason codes for SDD R-Transactions; Guidelines for the appearance of mandates for the SEPA … Continue Reading

CPMI – IOSCO consult on governance arrangements for critical OTC derivatives data elements

On 16 August 2018, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a consultative report, Governance arrangements for critical over-the-counter (OTC) derivatives data elements (other than UTI and UPI). The CPMI and IOSCO are seeking comment on possible governance arrangements for critical OTC derivatives data elements … Continue Reading

ESMA updates EMIR validation rules

On 9 August 2018, the European Securities and Markets Authority (ESMA) updated its validation rules under EMIR, with regards to the revised technical standards on reporting under Article 9 of EMIR. The updated validation rules are provided in an excel document, and are highlighted in red within the ‘Conditions, and Format and Content’ column. The … Continue Reading
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