News & Analysis as of September 19, 2024

Derivatives

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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 -

Brussels Regulatory Brief: February 2024

K&L Gates LLP on 3/5/2024

Antitrust and Competition - The European Commission Carried Out Unannounced Inspections in the Tires Sector - On 30 January 2024, the Commission conducted dawn raids at the premises of several companies active in the tires...more

Upcoming EMIR derivatives reporting changes: What you need to know

Hogan Lovells on 2/29/2024

The updated reporting rules under EMIR for new and outstanding derivatives trades will apply from 29 April 2024 under EU EMIR and 30 September 2024 under UK EMIR. Key changes to the reporting requirements have been introduced...more

EMIR 3 and Clearing in the EU

A&O Shearman on 2/29/2024

Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more

EU Eases EMIR 3 Clearing Mandate

A&O Shearman on 2/19/2024

The Council of the European Union and European Parliament have reached provisional political agreement on the latest revisions to the European Market Infrastructure Regulation, publishing on February 14, 2024, the agreed text...more

Regulation Round Up - December 2023

Proskauer Rose LLP on 1/4/2024

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more

EMIR REFIT Reporting: The Clock is Ticking – Are You Ready?

Dechert LLP on 12/20/2023

Time to go-live is short – Monday 29 April 2024 for EU EMIR, and Monday 30 September 2024 for UK EMIR. All in-scope derivatives users will be affected by the changes....more

HM Treasury Seeks Views on Clearing Exemption for Pension Schemes

A&O Shearman on 12/1/2023

U.K. EMIR (the onshored European Market Infrastructure Regulation) generally requires the clearing at a central counterparty of all interest rate swaps and credit default swaps. As announced earlier this year, HM Treasury has...more

Pensions: what's new this week - 20 November 2023

A&O Shearman on 11/20/2023

Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: Call for evidence...more

EMIR - Proposed Changes to EU Derivatives Rules

Akin Gump Strauss Hauer & Feld LLP on 7/28/2023

European Union (EU) proposals for changes to the over-the-counter (OTC) derivatives trading rules are underway. The final rules are not yet agreed, but we set out a summary of the proposals below....more

Clearing in the EU after EU EMIR 3

A&O Shearman on 1/20/2023

The European Commission published proposals to amend the EU’s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the...more

European Securities and Markets Authority Publishes Regulatory Technical Standards on Revised Commodity Derivative Clearing...

A&O Shearman on 6/15/2022

The European Securities and Markets Authority has published a final report and Regulatory Technical Standards on its proposed increase to the commodity derivative clearing threshold under the European Market Infrastructure...more

EU Consultation on CCP Procyclicality of Margin Requirements

A&O Shearman on 2/21/2022

The European Securities and Markets Authority has opened a consultation in which it proposes to amend the requirements on EU CCPs relating to an additional charge related to the procyclicality of margin. Responses to the...more

Brexit and derivatives transactions – some practical perspectives

Hogan Lovells on 3/12/2021

EU and UK derivatives counterparties are now having to grapple with different sets of rules in the EU and the UK when trading derivatives with each other, following the end of the Brexit transition period on 31 December 2020....more

THE DELTA REPORT - Derivatives Newsletter - October 2020: The ESMA Report on pension scheme arrangements

White & Case LLP on 10/13/2020

From the very early days of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories "EMIR", as amended by Regulation (EU)...more

European Commission Decision Temporarily Establishes UK CCP Equivalence

A&O Shearman on 10/9/2020

The European Commission has published a Decision temporarily determining that U.K. central counterparties will be deemed equivalent to EU standards under the European Market Infrastructure Regulation. The Decision will apply...more

EMIR 2.2 Secondary Legislation Published

A&O Shearman on 10/9/2020

Three Commission Delegated Regulations have been published in the Official Journal of the European Union, supplementing the revised European Market Infrastructure Regulation. The Delegated Regulations contain provisions...more

European Systemic Risk Board Announces Further Actions to Combat Impact of COVID-19

A&O Shearman on 7/6/2020

The European Systemic Risk Board has announced a series of further actions designed to combat the impact of COVID-19 on European financial markets. The actions relate to the five priority areas already identified by the ESRB...more

Changes to EMIR Reporting Responsibilities from 18 June 2020 – Key Considerations

Akin Gump Strauss Hauer & Feld LLP on 6/16/2020

Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for...more

EMIR Alert: Refit Reporting Changes Go Live

Dechert LLP on 6/2/2020

18 June 2020 will mark one year since the EMIR Refit Regulation (the “EMIR Refit”) came into force. On the same date, the reporting responsibility changes introduced by the EMIR Refit will take effect....more

Reporting of OTC Derivatives Between FC and NFC- Entities After 18 June 2020

Latham & Watkins LLP on 5/18/2020

EMIR REFIT Mandatory Reporting provisions require market participants to consider their existing Delegated Reporting arrangements. Key Points: ..From 18 June 2020, financial counterparties (FCs) will be liable for the...more

SFTR Alert: Buy-side reporting reprieve

Dechert LLP on 2/25/2020

A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more

EMIR Alert: Margin Clarity Ahead

Dechert LLP on 12/24/2019

Earlier this month, the ESAs published a final report on proposed updates to the existing EMIR margin rules (the “Margin RTS Updates”). Although not yet final, the absence of a public consultation and fast approaching...more

EU Council Adopts Laws on Enhanced Supervision of Third-Country CCPs

A&O Shearman on 11/4/2019

The Council of the European Union has adopted the amendments to EU law on CCP supervision. The adopted laws revising the European Market Infrastructure Regulation (EMIR 2.2) will change how both EU CCPs and third-country CCPs...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

EU Consultation on Clearing Service Provision under EMIR Refit

A&O Shearman on 10/14/2019

The European Securities and Markets Authority has opened a consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation. Responses to the...more

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