The latest edition of Financial Services Europe and International Update from Dechert’s Financial Services Practice covers the most recent regulatory developments.

In This Issue:

- Part A – Regulation of Financial Markets

- Part B – Regulation of Investment Management

- Part C – Regulation of Investment Funds

- Excerpt from Part A: Regulation of Financial Markets:

Mandatory Central Counterparty Clearing of OTC Derivatives -

Jurisdiction: EU -

Stage and Timing -

The European Market Infrastructure Regulations (EMIR) came into force on 16 August 2012.

For the clearing obligation to apply, clearing houses must be authorised for clearing and classes of derivatives must be designated by ESMA as subject to the clearing obligation. Products which are currently cleared by clearing houses will be the first to be designated. ESMA has stated that the the first clearing obligation will not apply before June 2014, and could be as late as July 2015.

ESMA’s latest estimate for the date the reporting requirements will apply to all asset classes is February 2014. ESMA has requested from the Commission a one-year delay for reporting of exchange-traded derivatives, although the Commission has not confirmed that it will grant this.

The final risk mitigation rules came into force on 15 September 2013.

Please see full newsletter below for more information.

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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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