Central Counterparties

News & Analysis as of

UK Financial Regulatory Developments - February 2016 #6

OBWG publishes open banking standard - The OBWG, set up at Treasury’s request, has set out an Open Banking Standard to guide how open banking data should be created, shared and used by its owners and those who access it....more

U.S. Commodity Futures Trading Commission and European Commission Announce Common Approach for Transatlantic CCPs

On February 10, the U.S. Commodity Futures Trading Commission (the “CFTC”) and the European Commission announced a common approach relating to requirements for transatlantic central clearing parties (CCPs). The CFTC and the...more

UK Financial Regulatory Developments - February 2016 #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

ESMA and South African and Mexican Authorities to Cooperate Under EMIR on CCPs

On 26 January 2016, ESMA announced that had entered into a memorandum of understanding (MoU) with each of the Mexican Comisión Nacional Bancaria y de Valores (CNBV) and the South African Financial Services Board (FSB) under...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

AIFMD – ESMA Updates its Q&A on AIFMD Application - ESMA updated its questions and answers on the application of the AIFMD on 2 and 15 December 2015. The 2 December update focussed on various questions around leverage...more

UK Financial Regulatory Developments - January 2016 #6

Commission reports on volatility of own funds - The Commission has reported to EP and the Council on the effect of the revised International Accounting Standard (IAS) 19 on employee benefits, on the volatility of own...more

Rating Agency Developments

On January 8, 2016, Fitch updated its criteria for rating investment holding companies. Report. On January 7, 2016, Moody’s updated and replaced its existing methodology for rating banks. On January 7, 2016, Moody’s published...more

Current Status of the Clearing Obligation Under EMIR

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

ESMA consults on EMIR MOPR for CCP accounts

ESMA is consulting on a review of Article 26 of the RTS on requirements for CCPs on the time horizons for the liquidation period under EMIR. ESMA seeks feedback on the length of the margin period of risk (MPOR) for CCPs’...more

Further CRR/EMIR transitional period extension published in the OJEU

The Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to CCPs under the CRR and EMIR has been published in the OJEU. ...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Other EU Developments – Deal Reached on Benchmark Regulation and Revisions to Prospectus Directive - Benchmark Regulation - The European Commission and the Luxembourg Presidency reached agreement with the...more

ESMA publishes EMIR RTS responses

ESMA has published the responses to its consultation reviewing Article 26 of EMIR’s RTS...more

Committees publish progress report on enhancing CCP resilience

FSB, the Basel Committee, the Committee on Payments and Markets Infrastructures (CPMI) and IOSCO have together published a progress report on their work to enhance the resilience, recovery planning and resolvability of...more

ESMA speaks on changes to derivatives market

ESMA Chair Steven Maijoor spoke at the 2015 ISDA Annual Europe Conference in London. In his speech he highlighted the importance of ensuring consistent implementation of the European Market Infrastructure Regulation (EMIR),...more

Third country CCP exposure correction in OJEU

A corrigendum to the Commission Implementing Regulation makes a minor correction to the extension of transitional periods related to own funds requirements for exposures to CCPs from third countries under the CRR...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

EMIR – ESMA Recommendations to EMIR Framework, Final Rules on Central Clearing for Interest Rate Derivatives and Consultation on CCP Client Accounts - EMIR framework: On 13 August, ESMA published a number of recommended...more

ESMA consults on review of EMIR standards

ESMA has published a discussion paper on the review of Article 26 of its Regulatory Technical Standards (RTS) under the European Market Infrastructure Regulation (EMIR) which deals with Central Counterparties’ (CCPs) client...more

FMLC comments on legal uncertainties of CCPs

FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have published a joint comment paper highlighting the damaging impact that uncertainties relating to the recognition and supervision of CCPs are causing for...more

ECB publishes ESCB reports on facilitating CCP access

ECB has published the contribution of the European System of Central Banks (ESCB) to the Commission’s assessment of the need for any measure to be introduced in European Market Infrastructure Regulation (EMIR) to facilitate...more

ESMA recommends changes to EMIR framework

ESMA has published four reports looking at how the EMIR framework has been functioning and providing input and recommendations to the Commission’s EMIR Review. The reports cover: - non-financial counterparties (NFCs):...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

Bridging the Week - June 2015

Non-Recognition of US CCPs as Subject to Equivalent Regulation May Require European-Based Funds to Restrict Trading in US Centrally Cleared Derivatives - An opinion by the European Securities and Markets Authority...more

Patent Infringement in the Digital Age: How a Dispute About Tooth Aligners Led to a Fight About the ITC’s Jurisdiction over...

The International Trade Commission (“ITC”) is an “independent nonpartisan agency that investigates and reports to the President and Congress on matters concerning import trade, tariffs and trade agreements.” Shewmaker v....more

European Commission Launches Review of EMIR

On May 21, the European Commission (EC) issued a consultation paper (CP) as part of its review of the European Market Infrastructure Regulation (EMIR). Article 85(1) of EMIR requires the EC to prepare a report by August 17 on...more

Update On Third-Country Equivalence Under EMIR

The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions...more

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