ESMA Publishes Discussion Paper on EMIR Technical Standards


Following on from the February 9, announcement of agreement with respect to the European Market Infrastructure Regulation (EMIR) on February 17, the European Securities and Markets Authority (ESMA) published a discussion paper on draft technical standards for the regulation of over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories.

The discussion paper addresses the technical standards ESMA is required to draft under EMIR in relation to OTC derivatives, CCP requirements and trade repository reporting.

The OTC derivatives section focuses on the clearing obligation, risk mitigation techniques for contracts not cleared by a CCP, and exemptions to certain requirements.

In relation to CCP requirements the discussion paper considers collateral requirements and the proposed definition of “highly liquid” collateral, use of bank guarantees and the framework for determining “haircuts” that a CCP can apply to certain types of collateral.

In relation to trade repositories the discussion paper considers the content and format of the information to be reported and the information to be made available by trade repositories to the relevant regulators.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Katten Muchin Rosenman LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »