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Topic: Clearing and settlement

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European Commission consults on EMIR equivalence decisions

On 20 January 2021, the European Commission published for a four-week public consultation draft equivalence decisions for Australia, Brazil, Canada, Hong Kong, Singapore and the US concerning risk management requirements for transactions in non-cleared OTC derivatives under Regulation (EU) No 648/2012 of the on OTC derivatives, central counterparties and trade repositories (EMIR). The comment period … Continue Reading

ESMA updates guidelines on written agreements between CCP college members

On 21 January 2021, the European Securities and Markets Authority (ESMA) published a final report on revised guidelines regarding written agreements between members of central counterparty (CCP) colleges. The objectives of the guidelines are to establish consistent, efficient and effective supervisory practices within the European System of Financial Supervision and to ensure the common, uniform … Continue Reading

ISDA paper on COVID-19 and CCP risk management frameworks

On 8 January 2021, the ISDA published a paper on COVID-19 and CCP risk management frameworks. The paper is based on the feedback that the ISDA Clearing Member Committee received from central counterparties (CCPs) and how their risk management frameworks reacted to the pandemic. The ISDA found that CCPs have dealt with the pandemic well … Continue Reading

Corrigendum to Commission Delegated Regulation (EU) No 667/2014

On 29 December 2020, there was published in the Official Journal of the EU a Corrigendum to Commission Delegated Regulation (EU) No 667/2014 of 13 March 2014 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to rules of procedure for penalties imposed on trade repositories by the European … Continue Reading

ESMA updates EMIR Q&As

On 21 December 2020, the European Securities and Markets Authority (ESMA) updated its Q&As on the European Market Infrastructure Regulation (EMIR). ESMA has updated the Q&As to clarify the status after the post-Brexit transition period of legacy derivative transactions executed on UK markets and is relevant for EU counterparties in order to determine applicable EMIR … Continue Reading

Commission Delegated Regulation (EU) 2020/2145 of 1 September 2020 amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the composition, functioning and management of colleges for central counterparties

On 18 December 2020, there was published in the Official Journal of the EU Commission Delegated Regulation (EU) 2020/2145 of 1 September 2020 amending Delegated Regulation (EU) No 876/2013 supplementing EMIR as regards changes to the composition, functioning and management of colleges for central counterparties. The Delegated Regulation enters into force on the twentieth day … Continue Reading

Supervisory Guidance on managing FX settlement risk and the Global FX Code

On 18 December 2020, there was published a letter from the chairs from the Basel Committee on Banking Supervision (BCBS) and the Committee on Payments and Market Infrastructures (CPMI) encouraging bank supervisors and banks and other participants in the FX market to follow the expectations set out in the 2013 BCBS Supervisory Guidance on managing … Continue Reading

ESMA publishes draft technical standards under EMIR REFIT

On 17 December 2020, the European Securities and Markets Authority (ESMA) published a final report containing technical standards on reporting, data quality, data access and registration of trade repositories under EMIR REFIT. The layout of the final report is as follows: Section 1 contains the list of legislative references and abbreviations used in the report. … Continue Reading

ESMA report to the Commission on central clearing solutions for pension scheme arrangements

On 17 December 2020, the European Securities and Markets Authority (ESMA) issued its second report on the clearing solutions for Pension Scheme Arrangements (PSAs) under EMIR. Last year, EMIR REFIT further extended the temporary exemption from the clearing obligation for PSAs until June 2021. To monitor the progress made by the different actors involved towards … Continue Reading

Implementing Decision amending earlier Decision recognising certain Singapore derivatives trading venues under MiFIR published in OJ

On 17 December 2020, there was published in the Official Journal of the EU Commission Implementing Decision (EU) 2020/2127 of 16 December 2020 amending Commission Implementing Decision (EU) 2019/541 on the equivalence of the legal and supervisory framework applicable to approved exchanges and recognised market operators in Singapore in accordance with MiFIR.  Commission Implementing Decision … Continue Reading

European Parliament adopts the Regulation on a framework for the recovery and resolution of CCPs

On 14 December 2020, the European Parliament adopted at first reading the Council’s position on the Regulation on a framework for the recovery and resolution of central counterparties. The Parliament instructs its President to forward its position to the Council, the European Commission and the national parliaments.… Continue Reading

FSB paper – Continuity of access to FMIs for firms in resolution: Informal summary of outreach and Q&A

On 9 December 2020, the Financial Stability Board (FSB) issued a paper setting out the answers to questions raised at a virtual outreach meeting which sought to provide stakeholders with further information concerning the questionnaire that was published in August for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in … Continue Reading

Targeted consultation on the review of the CSDR

On 8 December 2020, the European Commission issued a consultation on a wide range of specific areas where targeted action may be necessary to ensure the fulfilment of the objectives of the Central Securities Depositories Regulation (CSDR) in a more proportionate, efficient and effective manner. The responses to the consultation will help the Commission prepare … Continue Reading

ESMA – procedures for penalties imposed on trade repositories (updated rules)

On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation which amends Commission 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 be heard with regard to interim decisions … Continue Reading

Rules of procedures for penalties imposed on third-country CCPs by ESMA

On 7 December 2020, the European Commission published for consultation a draft Delegated Regulation with regard to rules of procedure for penalties imposed on third country central counterparties (CCPs) or related third parties by the European Securities and Markets Authority (ESMA). The draft Delegated Regulation specifies further the rules of procedure regarding fines and periodic … Continue Reading

OTC Derivatives Market Reforms – 2020 Note on Implementation Progress

On 3 December 2020, the Financial Stability Board (FSB) published a note regarding the progress made in implementing the over-the-counter (OTC) derivatives market reforms. The key message in the note is that overall implementation of the G20’s OTC derivatives reforms is well advanced, but there has been limited progress since October 2019 across Financial Stability … Continue Reading

ESMA final report – EMIR RTS on the clearing obligation regarding intragroup transactions as well as on novations from UK to EU counterparties

On 24 November 2020, the European Securities and Markets Authority (ESMA) published a final report presenting a new set of draft regulatory technical standards (RTS) on the clearing obligation that the European Supervisory Authority has developed under Article 5(2) of the European Market Infrastructure Regulation (EMIR). The draft RTS cover: The treatment of certain intragroup … Continue Reading

ESAs propose to adapt the EMIR implementation timelines for intragroup transactions, equity options and novations to EU counterparties

On 23 November 2020, the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) (together the ESAs) co-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 … Continue Reading

Commission communication to the Council on the adoption of a Regulation on a framework for the recovery and resolution of CCPs

On 18 November 2020, there was published: A communication from the Commission to the European Parliament pursuant to Article 294(6) of the Treaty on the Functioning of the European Union concerning the position of the Council on the adoption of a Regulation of the European Parliament and of the Council on a framework for the … Continue Reading

FSB releases guidance on CCP financial resources for resolution and announces further work

On 16 November 2020, the Financial Stability Board (FSB) published final guidance on financial resources to support central counterparty (CCP) resolution and on the treatment of CCP equity in resolution. Ensuring the availability of adequate resources and tools for CCP resolution and understanding the potential for certain resources and tools to have an adverse effect … Continue Reading

ESMA report on post trade risk reduction services with regards to the clearing obligation

On 10 November 2020, the European Securities and Markets Authority (ESMA) issued a report on post trade risk reduction services (PTRR) under the European Market Infrastructure Regulation (EMIR). In the report, ESMA looks at the different types of PTRR services being offered, their purpose and whether there is a need for the new trades, that … Continue Reading

ESMA publishes its first reports on CSDR implementation

On 5 November 2020, the European Securities and Markets Authority (ESMA) issued its first two reports on the implementation of the Central Securities Depositories Regulation (CSDR). The reports cover: Central securities depositories’ (CSDs) cross-border services and handling of applications. The report presents two aspects of the provision of cross-border services by CSDs as specified by … Continue Reading

ESMA publishes first Q&As on SFTR reporting

On 5 November 2020, the European Securities and Markets Authority (ESMA) published its first set of Q&As relating to reporting under the Securities Financing Transactions Regulation (SFTR). The Q&As cover the following topics: Frequency of reports. Reporting of settlement fails. Reporting of repos initially collateralised on a per transaction basis and subsequently on a net … Continue Reading

ESMA consults on RTS related to EMIR 2.2

On 19 October 2020, the European Securities and Markets Authority (ESMA) issued a consultation paper regarding the technical standards on conditions which require an extension of authorisation for a central counterparty (CCP), conditions which require validations of a CCP’s changes to models and parameters by a Member State competent authority (NCA) and ESMA and the … Continue Reading
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