European Markets Infrastructure Regulation European Union

News & Analysis as of

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

UK Financial Regulatory Developments - January 2016 #15

DWP issues guidance on pensions advice requirements - DWP has issued a factsheet for pension scheme providers on which pension benefits with a guaranteed annuity rate are safeguarded for the purpose of the new advice...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

UK Financial Regulatory Developments - January 2016 #10

Treasury updates Iran sanctions - Treasury has issued a notice explaining the effects on sanctions against Iran of Implementation Day (I Day) under the Joint Comprehensive Plan of Action (JCPoA). I Day was 16 January, on...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 #4

ACER updates REMIT Q&A - ACER has updated its REMIT Q&A adding new items on reporting through Registered Reporting Mechanisms and on obligations and prohibitions of market participants. (Source: ACER Updates REMIT...more

SFTR and the Commodities Market – What will the impact be?

The Regulation on Transparency of Securities Financing Transactions (SFTR) was published in the Official Journal on 23 December 2015 and entered into force on 12 January 2016. At first glance it might appear that the...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 TR data access

ESMA is consulting on proposals to enhance the current functionalities offered by trade repositories (TRs) for data access under the European Market Infrastructure Regulation (EMIR)....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

ESMA publishes indirect clearing responses

ESMA has published the responses received to its consultation on draft RTS on indirect clearing arrangements under EMIR and the Markets in Financial Instruments Regulation....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

New EU Regulation on Securities Financing Transactions and Reuse of Collateral

Regulatory context - The regulation on transparency of securities financing transactions and of reuse (the “Regulation”) stems from a belief that the 2007-08 global financial crisis revealed excessive speculative...more

FMLC reports on uncertainty in indirect clearing

FMLC has published its report on legal uncertainties arising in the context of indirect clearing of exchange traded derivatives under EMIR and MiFIR. FMLC determines that most of the uncertainties which arose from the first...more

ESMA Announces European Swap Clearing to Start in June 2016

In a press release dated December 2, 2015 the European Securities and Markets Authority (ESMA) announced that firms will have to clear certain classes of interest rate swaps starting from June 21, 2016. This marks an...more

Clearing To Commence in the European Union in June 2016

On December 2, the European Securities and Markets Authority issued a press release stating that clearing as required under the European Market Infrastructure Regulation would commence on June 21, 2016. This date follows the...more

EU Clearing Obligation for Interest Rate Swaps Set for June 2016

The obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation will apply from June 2016. A Delegated Regulation that imposes a mandatory clearing obligation for interest rate swap...more

First EMIR clearing Regulation published in OJEU

The first Delegated Regulation to implement the clearing obligation under the European Market Infrastructure Regulation (EMIR) was published in the OJEU on 1 December, following its adoption in August (see FReD 7 August). It...more

Confirmed Start Dates for Clearing Under EMIR

Commission Delegated Regulation (EU) 2015/2205 (the “Regulation”) supplementing the European Markets Infrastructure Regulation (“EMIR”) was published on 1 December in the Official Journal of the European Union....more

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

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

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

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

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