On 22 July 2022, the European Commission adopted two equivalence decisions for central counterparties (CCPs) under the supervision of the People’s Bank of China and the Israel Securities Authority. Both equivalence decisions do not come into force until published in the Official Journal of the EU. The equivalence decisions follow the recent decisions adopted for … Continue Reading
On 16 June 2022 the European Commission hosted a meeting of the Derivatives and Market Infrastructures Member States Working Group, which is an expert group composed of Member States’ representatives. The agenda for the meeting included consideration of possible legislative and non-legislative measures to be developed in the context of the European clearing strategy announced … Continue Reading
On 16 June 2022, the European Securities and Markets Authority (ESMA) published a public statement regarding the implementation of the clearing obligation for pension scheme arrangements. The statement refers to the European Commission publishing on 9 June 2022 a Delegated Act exempting pension scheme arrangements from the clearing obligation until 18 June 2023. The statement … Continue Reading
On 13 June 2022, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend Commission Delegated Regulation (EU) 2016/2251 on bilateral margin requirements. The European Securities and Markets Authority has also published a final report with a new draft RTS proposing to amend accordingly the three Commission … Continue Reading
On 10 June 2022, the European Commission adopted a number of delegated and implementing acts supplementing the European Markets Infrastructure Regulation (EMIR). At the time of writing the Commission had published provisional versions of the adopted text: Commission Delegated Regulation (EU) / of 10.6.2022 supplementing EMIR with regard to regulatory technical standards (RTS) specifying the … Continue Reading
On 9 June 2022, the European Commission published a report assessing whether viable technical solutions have been developed for the transfer by pension scheme arrangements (PSAs) of cash and non-cash collateral as variation margins and the need for any measures to facilitate those viable technical solutions. The European Market Infrastructure Regulation (EMIR) contains a temporary … Continue Reading
On 9 June 2022, the Bank of England (BoE) issued a consultation paper setting out proposals to modify the contract types which are subject to the clearing obligation in the onshored version of Commission Delegated Regulation (EU) 2015/2205 (BTS 2015/2205) The BoE now considers it appropriate to consult on changes to the clearing obligation in … Continue Reading
On 8 June 2022, the European Commission adopted decisions determining that the legal and supervisory frameworks for central counterparties (CCPs) in Chile, Malaysia and Indonesia are equivalent to the requirements applicable under the European Market Infrastructure Regulation. The Commission has also amended its existing equivalence decisions for CCPs in South Africa and India. On 9 … Continue Reading
On 2 June 2022, the European Securities and Markets Authority (ESMA) published a final report containing draft regulatory technical standards (RTS) suspending for three years the application of the mandatory buy-in rules provided in Commission Delegated Regulation (EU) 2018/1229 of 25 May 2018 supplementing the Central Securities Depositories Regulation (CSDR) with regard to RTS on … Continue Reading
On 3 June 2022, the European Securities and Markets Authority (ESMA) issued a final report presenting draft regulatory technical standards (RTS) that change the clearing threshold (CT) for commodity derivatives. The final report follows a discussion paper on the CTs that the ESMA published on 21 November 2021. The discussion paper included a section on … Continue Reading
On 19 May 2022, Christina Segal-Knowles gave a speech at the European Association of CCP Clearing Houses (EACH) in Brussels. The speech addressed central clearing, and the lessons that can be learnt from recent episodes of market stress in order to make central clearing stronger. The speech highlights how, going forward, cross border cooperation is … Continue Reading
On 19 May 2022, the European Securities and Markets Authority (ESMA) issued four consultation papers on proposed guidelines for the EU central counterparty (CCP) resolution regime. The consultation papers cover draft guidelines on: The summary of resolution plans. The guidelines provide resolution authorities with guidance as to the type of information that should be included … Continue Reading
On 16 May 2022, the European Securities and Markets Authority (ESMA) published its final reports on the central counterparties’ (CCPs) resolution regime under the Regulation on CCP recovery and resolution (CCPRRR). The final reports are: Final report on guidelines on the application of the circumstances under which a CCP is deemed to be failing or … Continue Reading
On 21 April 2022, the industry-led Post-Trade Task Force published its report ‘Charting the Future of Post-Trade’. The report sets out some key challenges where change would be particularly impactful in current post-trade processes. It focusses on three core areas (non-economic trade data, client onboarding and uncleared margin), and makes recommendations to address these issues. … Continue Reading
Further to our blog ‘European Commission adopts additional equivalence decisions for US exchanges’ the following were published in the Official Journal of the EU on 6 April 2022: Commission Implementing Decision (EU) 2022/551 of 4 April 2022 amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of Regulation (EU) No 648/2012 of the … Continue Reading
On 5 April 2022, the European Securities and Markets Authority (ESMA) announced that it had provided a high-level response to the European Commission’s consultation on a targeted review of the European Markets Infrastructure Regulation (EMIR) with respect to the EU’s central clearing framework. In its response the ESMA begins by outlining certain key considerations regarding … Continue Reading
On 4 April 2022, the European Commission adopted a decision declaring that a number of United States (US) exchanges supervised by the US Securities Exchange Commission (SEC) are equivalent to EU regulated markets. Derivatives traded on these US exchanges will now be treated as exchange-traded derivatives under EU law. The Commission has also amended its … Continue Reading
On 1 April 2022, the European Securities and Markets Authority (ESMA) published the second edition of its Data Quality Report which is based on the data that was gathered under the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) reporting regimes. The purpose of the report is to provide a holistic … Continue Reading
On 25 March 2022, the European Securities and Markets Authority (ESMA) published a final report containing: Guidelines that amend the current guidelines on transfer of data between trade repositories (TRs) under the European Markets Infrastructure Regulation (EMIR). The amendments seek to strengthen the existing framework to port records from one TR to another under EMIR. … Continue Reading
On 30 March 2022, there was published on the legislation.gov.uk website The European Market Infrastructure Regulation (United States of America Regulated Market Equivalence) Regulations 2022 together with an explanatory memorandum. The Regulations revoke an existing equivalence decision, under Article 2a of the onshored European Markets Infrastructure Regulation (EMIR) for the US Commodity Futures Trading Commission … Continue Reading
On 28 March 2022, HM Treasury published the Government’s response to the feedback it received to its earlier consultation on an expanded resolution regime for central counterparties (CCPs). In its earlier consultation the Government asked stakeholders for views on proposals relating to: General resolution powers, including powers to place a CCP into resolution and the … Continue Reading
On 25 March 2022, the European Securities and Markets Authority (ESMA) announced that it had amended the recognition decisions and tiering determination decisions in respect of the three recognised UK central counterparties (CCPs) – ICE Clear Europe Ltd, LCH Ltd and LME Clear Ltd – that were adopted by ESMA on 25 September 2020, to … Continue Reading
On 25 March 2022, the European Securities and Markets Authority (ESMA) announced a series of updates in relation to the recognition of central counterparties (CCPs) established in third countries under the European Markets Infrastructure Regulation (EMIR). The updates include the review of recognitions of third country CCPs (TC–CCPs) that were already previously recognised, the conclusion … Continue Reading
On 22 March 2022, the European Systemic Risk Board (ESRB) published a letter that it had sent to the European Commission concerning the targeted consultation on the review of the central clearing framework in the EU. Generally, the ESRB welcomes the consultation which reflect its proposals set out in a response to an earlier consultation … Continue Reading
