European Markets Infrastructure Regulation

News & Analysis as of

Global Financial Markets Insight - Issue 8, Q4 2015

In this issue we also look at some of the practical issues impacting financing practices in a variety of European and emerging markets. This includes looking at new legislation to open up markets such as the covered bond...more

ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives

On November 19, the European Securities and Markets Authority (ESMA) issued a public statement (Public Statement) regarding its decision not to extend the current three year grace period which permits non-financial firms to...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Performance and Accountability Report - On November 16. 2015, the Federal Housing Finance Agency released a report that analyzes its duties as regulator of the Federal Home Loan Bank System and as...more

ESMA updates EMIR data reporting TS

ESMA has updated its TS on the data reporting requirements under the European Market Infrastructure Regulation (EMIR). Since it created the original standards ESMA has issued a set of Q&As on elements of the reporting...more

Update on Third Country Equivalence Under EMIR

The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Canada, Mexico, Republic of Korea, South Africa and Switzerland. This follows the decisions...more

Orrick's Financial Industry Week in Review

MiFID II Overhaul of Financial Market Rules to be Delayed - The MiFID II Directive (2014/65/EU) seeks to implement a major overhaul of existing legislation concerning the structures within which financial instruments are...more

ESMA consults on indirect clearing

ESMA is consulting on amending regulatory technical standards (RTS) on indirect clearing arrangements for OTC derivatives under the European Market Infrastructure Regulation (EMIR) and on draft RTS for exchange-traded...more

ESMA submits additional RTS on IRS central clearing

ESMA has submitted to the Commission its additional draft RTS on the central clearing of interest rate swaps (IRS) under EMIR. The RTS propose the mandatory central clearing of fixed-to-float IRS and forward rate agreements...more

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

EMIR – Indirect Clearing Regulatory Technical Standards to Align to MiFIR - ESMA published a letter on 5 October from Commissioner Hill to the European Parliament on regulatory technical standards on indirect clearing...more

Exchange International: Financial Services Regulation Newsletter - Issue 27

DLA Piper’s Financial Services International Regulatory Team welcomes you to the twenty-seventh edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in...more

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

AIFMD – Updated Q&As Clarify Position on Sub-Delegation of Custody by AIF Depositaries - ESMA updated its Q&As on 1 October regarding the application of the AIFMD, clarifying its position on AIFMD provisions on...more

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

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

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

ESMA updates EMIR implementation Q&A

ESMA has updated its Q&A on the implementation of European Market Infrastructure Regulation (EMIR). The update gives guidance on a procedure for counterparties and...more

ESMA publishes EMIR RTS responses

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

ESMA informs of delay to MiFIR RTS

ESMA Chair, Steven Maijoor, has written to the Commission informing it of a delay in submitting the RTS on indirect clearing and exchange-traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA...more

Corporate and Financial Weekly Digest - Volume X, Issue 39

SEC/CORPORATE - House Passes Disclosure Modification and “4(a)(1)(1/2)” Bills - On October 6, the US House of Representatives passed the Disclosure Modification and Simplification Act of 2015 (H.R. 1525), which, if...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

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

EMIR pension funds transitional in OJEU

The Delegated Regulation confirming the extension until 16 August 2017 of the exemption from the European Market Infrastructure Regulation (EMIR) clearing obligation for pension funds has been published...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

ECB responds to EMIR review

ECB has published its response to the Commission’s consultation on the review of the European Market Infrastructure Regulation (EMIR). Its response identifies several concerns which it notes have become apparent despite parts...more

Orrick's Financial Industry Week in Review

Goldman Sachs Wins Summary Judgment In CDO Class Action - On September 8, 2015, the Southern District of New York granted summary judgment in favor of Goldman Sachs Group, Inc. in a class action lawsuit concerning the...more

ECB Response to Commission Review of EMIR Implementation

On September 4, 2015, the European Central Bank (ECB) published an executive summary of its response to the consultation carried out by the European Commission to assist the Commission in its review of EMIR implementation....more

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