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

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

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

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

LIBOR Transition: Further Proposed Changes to EU Clearing and Derivatives Trading Obligations

A&O Shearman on 9/15/2022

The European Securities and Markets Authority has opened a consultation on proposals to amend the EU clearing and trading derivative obligations to reflect recent benchmark transitions from LIBOR to so-called risk-free rates....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

European Securities and Markets Authority Provides Regulatory Forbearance for EU Clearing and Derivatives Trading Obligations in...

A&O Shearman on 2/2/2022

The European Securities and Markets Authority has issued a statement in which it states that EU national regulators should not, from January 3, 2022, prioritize supervisory action for any failures by firms to comply with the...more

UK Financial Conduct Authority Confirms Approach to Supervision of Commodity Derivatives Position Limits Regime

A&O Shearman on 1/18/2022

The U.K. Financial Conduct Authority has published a statement confirming its approach to supervising commodity derivatives position limits. The statement follows the FCA's Supervisory Statement on the operation of the...more

European Commissioner Announces Proposed Extension of Equivalence for UK CCPs

A&O Shearman on 12/16/2021

European Commissioner McGuinness has announced that in early 2022 the European Commission will be proposing an extension of the time-limited equivalence granted to U.K. CCPs...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

Corporate & Financial Weekly Digest, Featuring Articles on New NYSE Direct Listing Rules from the SEC, a CFTC No-Action Letter...

Katten Muchin Rosenman LLP on 9/8/2020

SEC/CORPORATE - SEC Stays Implementation of New NYSE Direct Listing Rules - As discussed in the August 31, 2020 edition of the Corporate & Financial Weekly Digest, on August 26, the Securities and Exchange Commission...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

MiFID Refit - Commission Consults on Review of MiFID II Framework

Latham & Watkins LLP on 2/27/2020

The consultation provides a key opportunity for market participants to provide feedback on the regime. Key Points: ..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...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

Financial Regulatory Observer - December 2019: Lifting the lid on MAR

White & Case LLP on 12/27/2019

The latest consultation paper from ESMA raises some important questions about the market abuse regulation (MAR) but lacks detail in some crucial areas. On October 3, 2019, the European Securities and Markets Authority...more

EU Consultation on Changes to Position Limits for Commodity Derivatives

A&O Shearman on 11/15/2019

Following its Call for Evidence issued in May this year, the European Securities and Markets Authority has launched a consultation on proposed revisions to the legal framework for position limits and position management in...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

European Securities and Markets Authority Issues Call for Evidence on Product Intervention Measures

A&O Shearman on 10/10/2019

The European Securities and Markets Authority has issued a call for evidence on the impact of its product intervention powers prohibiting the marketing, distribution and sale of binary options to retail clients and imposing...more

Derivatives Alert - 10 points à retenir sur EMIR Refit

Kramer Levin Naftalis & Frankel LLP on 7/29/2019

Le règlement (UE) n°2019/834 (EMIR Refit ou EMIR 2.1) publié au JOUE le 28 mai 2019 est entré en vigueur le 17 juin 2019. L'objectif majeur d’EMIR Refit est de limiter l'application du règlement (UE) n°648/2012 (EMIR) aux...more

Financial Regulatory Observer – June 2019: No-deal Brexit: Challenges for trading venues and their participants

White & Case LLP on 7/1/2019

There is no silver bullet for maintaining cross-border trading if the UK leaves the EU without a deal. The date of Brexit has been delayed until (at least) October 31, 2019, but there is little sign that financial...more

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