Delegated Regulation on RTS for Specification of Margin Periods of Risk Published in Official Journal
On April 16, the Commission Delegated Regulation (Regulation 2015/585) on regulatory technical standards (RTS) on the margin periods of risk (being the time period from the last exchange of collateral covering a netting set of transactions with a defaulting counterparty until that counterparty is closed out and the resulting market risk is re-hedged) used for the treatment of clearing members' exposures to clients under the Capital Requirements Regulation (Regulation 575/2013) (CRR) (dated April 15, 2015), was published in the Official Journal of the EU (OJ).
European Commission Publishes Report on the Exercise of the Power to Adopt Delegated Acts Conferred on the Commission by Prospectus Directive
On April 13, the European Commission published a Report to the Council and the European Parliament on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003 on the prospectus to be published when securities are offered to the public or admitted to trading and amending Directive 2001/34/EC (Prospectus Directive).
The Commission Report concludes that while the Commission believes that the delegation of powers to it has been crucial to further develop the single rulebook and therefore establish more harmonized, high quality rules, the Commission has not used some of those powers yet. The Commission Report in this context notes that the provisions concerned will also form part of the PD review required by Article 4 of the PD II, by January 1, 2016. The Commission therefore considers that the EP and the Council should not revoke those delegations of powers in accordance with Article 24b of the PD, as it may need to use those powers to adopt certain delegated acts in the future, in light of the developments on the financial markets.
EBA Updates Single Rulebook Q&As: April 10, 2015
On April 10, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing four new questions relating to issues including credit risk, liquidity risk, transparency and Pillar 3, and large exposures.
ICMA Issues Updated Legal Opinions On GMRA
On April 9, the International Capital Market Association (ICMA) published the 2015 legal opinions on the Global Master Repurchase Agreement (GMRA), the principal standard agreement used to document repo transactions.
The updated legal opinions cover both the enforceability of the netting provisions of the GMRA and the validity of the GMRA as a whole. The opinions are available to ICMA members from the ICMA website
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