European Markets Infrastructure Regulation

News & Analysis as of

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

AIFMD - ESMA Updates Q&As on the Application of the AIFMD - ESMA updated its Q&As on 16 December on the application of the AIFMD. The revised Q&As include one updated question and answer on reporting obligations by...more

Corporate and Financial Weekly Digest - Volume XII, Issue 8

EU and Prudential Regulators Issue Statements on March 1 Compliance With Swap Margin Rules - Lacking the ability to issue formal no-action relief from strict compliance with the variation margin rules for uncleared swaps...more

European Regulators to Take Risk-Based Approach to Variation Margin Compliance

On February 23, 2017, the European Supervisory Authorities (ESAs) announced that neither the ESAs nor competent authorities (CAs) would provide over-the-counter (OTC) derivatives dealers subject to European Market...more

Final Draft Technical Standards on the Exclusion of Transactions with Non-EU Non-Financial Counterparties from Credit Valuation...

The European Banking Authority published final draft Regulatory Technical Standards on the procedures for excluding transactions with non-financial counterparties established in a third country (which do not hold positions...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

ESMA Publishes Report on Distributed Ledger Technology

On February 7, 2017, the European Securities and Markets Authority (“ESMA”) released a Report on Distributed Ledger Technology (“DLT”) (also known as “blockchain” technology) Applied to Securities Markets (the “Report”) that...more

European Securities and Markets Authority Requests a Review of its Sanctioning Powers Under the European Market Infrastructure...

The European Securities and Markets Authority published an open letter to the European Commission asking it to consider several issues relating to its supervisory and sanctioning powers under the European Market...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

European Commission to Publish Legislative Proposal to Revise the Regulation on OTC Derivatives, Central Counterparties and Trade...

On January 31, 2017, the European Commission published a speech by Valdis Dombrovskis, Commission Vice President, on finance for growth in manufacturing. The speech included the Commission’s recent review of EMIR, the...more

Proposed EU Guidelines on Transfer of Data Between Trade Repositories

The European Securities and Markets Authority launched a consultation on proposed Guidelines on the transfer of data between trade repositories. The European Market Infrastructure Regulation requires counterparties and CCPs...more

European Securities and Markets Authority Opines on Exemption for Spanish-Based Pension Schemes From the Clearing Obligation

The European Securities and Markets Authority published an Opinion on Spanish-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure Regulation. The Opinion was...more

EU Legislation Amending Technical Standards on the Format and Frequency of Trade Reporting Published 

A Commission Implementing Regulation amending Implementing Technical Standards on the format and frequency of trade reports submitted to trade repositories was published in the Official Journal of the European Union. The...more

Corporate and Financial Weekly Digest - Volume XII, Issue 5

SEC/Corporate - SEC Releases Rule 504 Small Entity Compliance Guide for Issuers - The Securities and Exchange Commission recently released a Small Entity Compliance Guide for Issuers, which provides a brief summary...more

EU Legislation Amending Technical Standards on Derivatives Trade Reporting Published

A Commission Delegated Regulation amending Regulatory Technical Standards on the minimum details of data to be reported to trade repositories was published in the Official Journal of the European Union. The original RTS were...more

European Commission Publishes Correcting Amendment to Regulatory Technical Standards on Margin Requirements for Uncleared...

The European Commission published a draft Commission Delegated Regulation amending the Regulatory Technical Standards on margin requirements for uncleared derivatives. The amending RTS relate to the phase-in of the variation...more

Will the CFTC Postpone the March 1, 2017 Variation Margin Deadline?

Derivatives traders and lawyers are focused on March 1. Not for any basketball tournaments, but for the variation margin (VM) big bang. From March 1, 2017, swap dealers and financial end-users will be required to exchange VM...more

European Authorities Publish Report on Joint Functioning of EU Capital Requirements and European Market Infrastructure Regulation

The European Banking Authority and the European Securities and Markets Authority published a Report on the joint functioning of the Capital Requirements Regulation and the European Market Infrastructure Regulation. The focus...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

European Margin Rules for Non-cleared OTC Derivatives – The Margin Big Bang

After a six-month delay, the rules governing the mandatory posting of collateral for uncleared derivatives entered into force on 4 January 2017. By 1 March 2017, all in-scope counterparties will be obliged to post variation...more

Uncertain Seas: European Financial and Regulatory Developments into 2017

Charting New and Dangerous Waters - Lloyd George and Epictetus may be long gone but their words have much resonance with the events of 2016. The political fallout from the UK’s vote to leave the European Union (“EU”)...more

EMIR: Intra-group Exemptions from Uncleared Margin Requirements – FCA Opens Application Process

On 4 January 2017, the FCA opened its application process for the intra-group transaction ("IGT") exemption to the EU’s new requirements to exchange margin for uncleared OTC derivative contracts (as set out in Commission...more

EU Final Secondary Legislation on Margin for Uncleared Derivatives

A Commission Delegated Regulation outlining Regulatory Technical Standards supplementing the European Market Infrastructure Regulation on risk mitigation techniques for uncleared OTC derivatives was published in the Official...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

ESMA Publishes New Methodology for Mandatory Peer Reviews of CCPS Authorization and Supervision Under EMIR

On January 5, 2017, the European Securities and Markets Authority (“ESMA“) published its methodology (ESMA71-1154262120-155) for mandatory peer reviews relating to the authorization and supervision of central counterparties...more

Final EU Equivalence Decisions on Regulatory Regimes Under the European Market Infrastructure Regulation Published

Ten decisions on the equivalence of third country regulatory regimes under the European Market Infrastructure Regulation were published in the Official Journal of the European Union. ...more

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