In this issue:

- Derivatives

- Bank Prudential Regulation

- Financial Market Infrastructure

- Credit Ratings

- Consumer Protection

- Enforcement

- Events

- Excerpt from Derivatives:

ESMA Advances Intention to Ease Frontloading Requirements under EMIR -

On 8 May 2014, the European Securities and Markets Authority (“ESMA”) sent a letter to the European Commission in relation to its intention to ease certain frontloading requirements under the European Market Infrastructure Regulation (“EMIR”). Frontloading refers to clearing obligations under EMIR, which require counterparties to centrally clear certain derivative trades entered into after a central counterparty has been authorized under EMIR to clear such transactions but before the EMIR clearing obligation comes into force. ESMA has informed the Commission that it plans to establish the frontloading requirements in a way that will minimize uncertainty. ESMA believes that the frontloading procedure can create uncertainties for derivatives end-users in situations where precise terms of a clearing obligation have not yet been defined, which can cause an adverse impact on risk hedging and financial stability.

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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.

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