News & Analysis as of September 22, 2024

European Union › Counterparties

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Collateral issues for derivatives counterparties amid the COVID-19 pandemic

Hogan Lovells on 5/4/2020

The current COVID-19 pandemic has led to huge disruption in financial markets and larger collateral swings. This note sets out some issues market participants may need to consider in relation to collateral under OTC...more

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

Latham & Watkins LLP on 1/14/2020

Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

European Securities and Markets Authority Consults on Alignment of EU Trading and Clearing Obligations

A&O Shearman on 10/15/2019

The European Securities and Markets Authority has published a consultation paper on aligning the trading obligation under the Markets in Financial Instruments Regulation with the recent changes made to the clearing obligation...more

Margin Requirements for Uncleared Derivatives Delayed for Certain Counterparties

A&O Shearman on 8/6/2019

The target date at international level for regulators to introduce margin requirements for uncleared derivatives for counterparties with lower trading volumes has been extended for a year by the International Organization of...more

US-EU Margin Rules Reference Guide

Latham & Watkins LLP on 7/9/2019

This updated guide lays out the margin requirements for uncleared derivative transactions in a user-friendly comparative table. ...more

European Commission Publishes Commission Delegated Regulation Extending Exemption from EU Transparency Requirements to the...

A&O Shearman on 7/5/2019

An amending Commission Delegated Regulation to the existing Commission Delegated Regulation (Regulation 2017/1799), which specifies that third-country central banks may be exempted from certain transparency requirements under...more

EMIR REFIT: Bringing the EU and the US Closer Together?

Latham & Watkins LLP on 6/28/2019

EMIR REFIT came into force on 17 June 2019, helping to level the playing field between the EU and the US. Key Points: ..Alternative investment funds will bear the brunt of the changes as EMIR REFIT closes an exemption...more

EMIR Refit – Redefining a “Financial Counterparty” and why this Matters to Fund Managers

Akin Gump Strauss Hauer & Feld LLP on 5/10/2019

Legislative reform to the European Market Infrastructure Regulation (EMIR) has now been finalised and the changes are expected to take effect in or around June 2019. The EMIR Refit, as the reform is known, amends the scope of...more

Emir Refit: Impact of the Reclassification of Funds

A&O Shearman on 4/3/2019

The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more

Proposed Exemption From EU Margin Obligations for OTC Derivatives Novated to EU Counterparties in Preparation for a "No Deal"...

A&O Shearman on 12/13/2018

The Joint Committee of the European Supervisory Authorities has published a final report and final draft Regulatory Technical Standards to amend the existing RTS on margin requirements for uncleared OTC derivative contracts....more

MiFID II for Non-EU Investment Banks and Brokers

A&O Shearman on 9/19/2017

The revised EU Markets in Financial Instruments package—known as MiFID II—takes effect on January 3, 2018. Some aspects of this legislation are extra-territorial. New rules on inducements, the unbundling of research, legal...more

Proposed EMIR II – Key Points for Derivatives Markets Participants

Morrison & Foerster LLP on 5/20/2017

On 4th May 2017, the European Commission announced its proposals to amend the current European Market Infrastructure Regulation (Reg. No. 648/2012) (“EMIR”). The proposals stem from its public consultation and Call for...more

European Commission Adopts Proposal to Amend EMIR

Cadwalader, Wickersham & Taft LLP on 5/11/2017

On 4 May 2017, the European Commission (the “Commission”) adopted a proposal for a Regulation amending Regulation (EU) No 648/2012 (“EMIR”) as regards the clearing obligation, the suspension of the clearing obligation, the...more

EU Final Secondary Legislation on Margin for Uncleared Derivatives

A&O Shearman on 1/13/2017

A Commission Delegated Regulation outlining Regulatory Technical Standards supplementing the European Market Infrastructure Regulation on risk mitigation techniques for uncleared OTC derivatives was published in the Official...more

Corporate and Financial Weekly Digest - Volume XI, Issue 48

Katten Muchin Rosenman LLP on 12/19/2016

SEC/CORPORATE - SEC Division of Corporation Finance Issues 35 New C&DIs Regarding Foreign Private Issuers, QIBs and Offshore Offerings - On December 8, the staff (Staff) of the Securities and Exchange Commission’s...more

European Commission Adopts Technical Standards on Margin for Uncleared Derivatives

A&O Shearman on 10/26/2016

The European Commission adopted Regulatory Technical Standards on risk mitigation techniques for uncleared OTC derivatives. The European Market Infrastructure Regulation requires counterparties to uncleared OTC derivative...more

Bail-In and Contractual Recognition: The Impact on US and Other Non-EU Counterparties and the Potential Impact of Brexit

Katten Muchin Rosenman LLP on 8/29/2016

Following the 2008 banking crisis, governments around the world found themselves having to bail out large financial institutions by injecting capital to help those institutions continue to service their debts. In Europe, the...more

Brexit Update: What’s Next for the Global Marketplace

McDermott Will & Emery on 7/8/2016

In Depth - UK Withdrawal Process - The United Kingdom will continue to be an EU member until procedures are completed for exiting the European Union, which is likely to be a long process. Under EU Treaty rules,...more

MiFID II: Access to EU Markets for Third Country Investment Firms

A&O Shearman on 5/9/2016

This note discusses the MiFID II regime for access by financial institutions located outside the EU to EU customers and markets. Full harmonisation of the access regime for third country firms has not been achieved. Instead...more

Final European Standards for Derivatives Collateralisation

Morrison & Foerster LLP on 3/18/2016

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

Financial Entity Update: CFTC’s Proposed Margin Rules for Uncleared Swaps – America’s Next Top Model

McGuireWoods LLP on 10/14/2015

Our first installment on the CFTC’s proposed margin rules (Margin Rules) for uncleared swaps addressed the importance of the “financial end user” definition and making certain notional calculations. Our second and third...more

ESMA Adds Index CDS to EMIR Mandatory Clearing Obligations

Katten Muchin Rosenman LLP on 10/14/2015

On October 2, the European Securities and Markets Authority (ESMA) finalized and issued a draft regulatory standard (RTS) for the mandatory clearing of certain credit default swaps (CDS) as required under the European Market...more

Corporate and Financial Weekly Digest - Volume X, Issue 33

Katten Muchin Rosenman LLP on 8/31/2015

SEC/CORPORATE - SEC Decreases Registration Statement Filing Fees for Fiscal Year 2016 - On August 27, the Securities and Exchange Commission announced that, effective October 1, the fees that public companies and...more

ESMA Recommends Changes to EMIR

Katten Muchin Rosenman LLP on 8/27/2015

Under Article 85(1) of the European Market Infrastructure Regulation (648/2012/EU) (EMIR), the European Commission (EC) is required to submit a general report on EMIR to the European Parliament and the European Council on the...more

EU Securities Financing Transactions Regulation––Shining a Light on Shadow Banking

Katten Muchin Rosenman LLP on 8/20/2015

On June 29, the Council of the European Union announced that its Permanent Representatives Committee (Coreper) approved a final compromise text of the proposed regulation on reporting and transparency of securities financing...more

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European Union › Counterparties

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