News & Analysis as of

European Markets Infrastructure Regulation

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

by Dechert LLP on

AMF Priorities in the EMIR Review - The Autorité des Marchés Financiers (the “AMF”, the French financial markets authority) published two position papers on 2 May 2017 relating to the EMIR review...more

Brussels Regulatory Brief: June

by K&L Gates LLP on

On May 15, 2017, the European Commission (“Commission”) announced it had opened a formal investigation into a global pharmaceutical company for possible abuse of dominant position. The alleged conduct of the company,...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more

ESMA Consults on Guidelines on CCP Conflicts of Interest Management Under EMIR

On June 1, 2017, ESMA published a consultation paper (ESMA70-151-291) on guidelines relating to central counterparties (“CCPs“) management of conflicts of interest. ESMA explains that the European Market Infrastructure...more

Regulation Round Up - May 2017

by Proskauer Rose LLP on

2 May - The FCA published its Policy Statement on the FCA's disclosure rules following application of PRIIPs Regulation (PS17/6). The Policy Statement sets out how the FCA's disclosure requirements will change to reflect...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 5

Implementing the DOL Fiduciary Rule - Background - On June 9, 2017, key provisions of the fiduciary rule adopted by the Department of Labor (“DOL”) will become applicable for most broker-dealers, as well as many...more

Proposed EMIR II – Key Points for Derivatives Markets Participants

by Morrison & Foerster LLP on

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

Priorités de l’AMF dans le cadre de la revue d’EMIR

This alert examines the priorities of the AMF (French SEC) regarding the amended EMIR regulation. Please see full Publication below for more information. ...more

Projet de règlement de la Commission européenne modifiant le règlement 648/2012 dit « règlement EMIR »

This alert examines the draft Commission Regulation amending Regulation 648/2012 aka « EMIR Regulation » and Communication from the Commission to the EU Parliament and Council as well as to the European Central...more

Règlement délégué 2017/751 du 16 mars 2017 de la Commission

This alert examines the Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the deadline for compliance with clearing...more

Brexit: Financial Services Firms - Mapping the impact of Brexit to make sure high level strategic thinking can be delivered...

by White & Case LLP on

The nature of the Brexit debate has changed and attitudes have hardened since the UK formally served notice on President Tusk of its intention to leave the EU. There seems to be limited political sympathy for financial...more

Article 30 of the EMIR Margin Rules and the Covered Bond Exemption

by White & Case LLP on

The new rules that implement the margin requirements under the risk mitigation obligations as set out in EMIR, create a specific regime for hedging arrangements that are entered into in relation to covered bonds. This article...more

European Commission Adopts Proposal to Amend EMIR

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

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

by Dechert LLP on

EMIR - ESMA Updates its List of Third Country CCPs and Issues Updated Q&A - On 30 March, ESMA updated its list of third-country central counterparties recognised to offer services and activities in the EU. CCPs in Dubai,...more

Delay to EU Clearing Obligation for "Category 3" and "Category 4" Counterparties

by Shearman & Sterling LLP on

An amending Commission Delegated Regulation extending the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives has been published in the Official Journal of the European...more

EMIR Review: A New Extraterritorial Expansion to Third-Country Funds?

by Shearman & Sterling LLP on

Last week, the European Commission published proposals to amend the European Market Infrastructure Regulation (EMIR), which is the main piece of EU legislation governing derivatives markets. Among the amendments proposed is a...more

Bridging the Week - May 2017 #2

Supplemental CFTC Regulation AT Proposal Generally Criticized as Too Prescriptive: The Commodity Futures Trading Commission's November 2016 amended proposed rules to address algorithmic trading and users of algorithmic...more

Derivatives In Review - May 2017

CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

Japanese Variation Margin Requirements Take Effect

by Jones Day on

Following the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' March 18, 2015, release of revisions to the framework for margin requirements for non-centrally cleared...more

Orrick's Financial Industry Week In Review

Rating Agency Developments - On April 19, 2017, Fitch issued a report entitled Airport Operating Lease ABS Rating Criteria. On April 14, 2017, Fitch issued a report entitled North America and Asia-Pacific...more

European Securities and Markets Authority Issues Opinion on the Proposed EU Regulation on CCP Recovery and Resolution

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market...more

ESRB Reports on Revision of EMIR

On April 21, 2017, the European Systemic Risk Board (“ESRB“) published a report on the revision of the European Market Infrastructure Regulation (the “EMIR“). The report welcomes the European Commission’s November 2016...more

EU Clarification on CCP Portfolio Margining Requirements

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published an Opinion addressed to EU national regulators on the portfolio margining requirements for CCPs under the European Market Infrastructure Regulation. The Regulatory...more

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

by Dechert LLP on

EMIR - European Securities Agencies Issue Statement on EMIR Variation Margin Rules, More Entities Exempt from EMIR and ESMA Re-Affirms Commitment to Co-Operate with Non-EU Regulators on CCPs - On 23 February, the...more

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

by Dechert LLP on

New Central Bank Investment Firms Regulations 2017 - The Central Bank published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2017 on 13 March 2017. The new...more

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