European Markets Infrastructure Regulation

News & Analysis as of

EU Clearing Obligation for Interest Rate Derivatives and NDFs

On 1 October 2014, ESMA published two papers on draft Regulatory Technical Standards (RTS) for the clearing of OTC derivatives under the European Market Infrastructure Regulation (648/2012) (EMIR)...more

MiFID II - Transaction Reporting

A transaction reporting regime has been in place at EU level for some time, albeit much was delegated to national implementation. Under MiFID II, the reporting regime will be overhauled and significantly extended in terms of...more

Clearing Derivative Transactions in the EU: What You Need To Know

Key Highlights: ..All counterparties within scope of the European Market Infrastructure Regulation (“EMIR”) and subject to the clearing obligation will soon be required to centrally clear their applicable derivatives...more

ESMA Issues Final Draft Standards for the Central Clearing of Certain Interest Rate Swaps under EMIR

On October 1, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) with respect to the central clearing of four classes of interest rate swaps (IRS). The RTS follows...more

MiFID II: Commodity Derivatives and Emissions

MiFID II is the latest piece in a package of European and global reforms impacting commodity derivatives and emissions traders, drawn up in response to concerns as to excessive speculation and volatility in the commodities...more

ESMA Clearing Obligations for FX NDF and IRS

On October 1 the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) for the mandatory clearing of certain foreign-exchange non-deliverable forwards...more

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR

On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards (RTS) for the central clearing of interest rate swaps (IRS) under EMIR. ...more

Orrick's Financial Industry Week in Review

ESMA Final Draft RTS for Central Clearing of Interest Rate Swaps under EMIR - On October 2, the European Securities and Markets Authority (ESMA) published a report containing final draft regulatory technical standards...more

ESMA Consults on Draft Guidelines Clarifying the Definition of “Derivatives” Under MiFID

On September 29, the European Securities and Markets Authority (ESMA) published a consultation paper (ESMA/2014/1189) (Consultation Paper) concerning the adoption of guidelines clarifying the definitions of “derivative” and...more

The Financial Report - Volume 3, No. 19 • October 2014 (Global)

News from the Americas - Securities enforcement by state regulators. The US North American Securities Administrators Association published its annual enforcement survey. It noted a significant increase in the amount of...more

ESMA Plans Phased-in Approach to EMIR OTC Derivatives Clearing

The European Regulation on Derivative Transactions, Central Counterparties and Trade Repositories (known as the European Market Infrastructure Regulation (“EMIR”)) requires counterparties to clear over-the-counter (“OTC”)...more

US, EU Regulators Voice Hopes for Deal on Clearinghouse Oversight

Top US and EU regulators have indicated in the last week a shared desire to agree on a framework for the trans-Atlantic supervision of clearinghouses. ...more

Global Financial Markets Insight

Change continues to be the main theme running through Summer 2014. There is the usual raft of new regulations to contend with but also welcome noises from policy makers including the European Central Bank and the Bank of...more

Update on Timing and Scope of ESMA Clearing Obligations

On August 18, the consultation period closed for responding to the draft regulatory technical standards (RTS) published by the European Securities and Markets Authority (ESMA) for the mandatory clearing of certain interest...more

Relief for Covered Bonds as ESMA refines the Clearing Obligation

On August 16, 2012, the European Market Infrastructure Regulation (“EMIR”) came into force, defining the obligations of in-scope entities, amongst other things, to (1) centrally clear certain over the counter derivatives...more

ESMA Publishes Updated List of Non-EEA Central Counterparties Applying for Recognition Under EMIR

On August 11, the European Securities and Markets Authority (ESMA) published an updated list of central counterparties (CCPs) outside the European Economic Area (EEA) that have applied for recognition under Article 25 of the...more

ESMA Publishes Responses to Consultation on the Clearing Obligation Under EMIR

On August 19, ESMA published a list of responses received in respect of its first consultation on the clearing obligation relating to draft regulatory technical standards (RTS) for the clearing of interest rate swaps under EU...more

Corporate and Financial Weekly Digest - Volume IX, Issue 33

In this issue: - ISS Launches New Equity Plan Data Verification Portal - ISDA Publishes Protocol for 2014 Credit Derivatives Definitions - FinCEN Issues Advisories for US Financial Institutions -...more

ESMA Publish Report on Guidelines and Recommendations Relating Principles for Financial Market Infrastructures in Respect of...

On August 5, ESMA published a report setting out guidelines and recommendations for the implementation of the principles for financial market infrastructures in respect of central counterparties (CCPs) published by the...more

ESMA Discussion Paper on Calculation of Counterparty Risk by UCITS for OTC Derivatives Subject to EMIR Clearing

On July 23, ESMA published a discussion paper on how the limits on counterparty risk in centrally cleared OTC derivative transactions under the UCITS IV Directive should be calculated, and whether the same rules for both OTC...more

Financial Regulatory Developments Focus - July #4

In this issue: - Derivatives - Regulatory Capital - Recovery & Resolution - Bank Structure - Financial Market Infrastructure - Financial Services - Funds -...more

Financial Regulatory Developments Focus - July 2014 #3

In this issue: - Derivatives - Compensation - Bank Prudential Regulation and Regulatory Capital - Recovery & Resolution - Credit Ratings - Insurance - Financial Services...more

Timing and Scope of EU Clearing Obligation for Derivatives

The European Securities and Markets Authority is consulting on the mandatory clearing obligation for certain derivatives. Draft regulatory technical standards have been published for the mandatory clearing of certain interest...more

10 Popular Reads Covering Latest European Union Developments

Recap of popular updates covering latest developments in the European Union....more

Financial Regulatory Developments Focus - July 2014 #2

In this issue: - Derivatives - Regulatory Capital - Recovery & Resolution - Financial Services - Consumer Protection - Enforcement - People - Events -...more

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