Connecting the Data Dots: Sapient’s Jim Bennett Talks Compliance Reporting
On August 27, the European Securities and Markets Authority (ESMA) published a discussion paper (Discussion Paper) on the review of Article 26 of ESMA’s Regulatory Technical Standards (153/2013) (RTS) under the European...more
On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU...more
Under Article 85(1) of the European Market Infrastructure Regulation (648/2012/EU) (EMIR), the European Commission (EC) is required to submit a general report on EMIR to the European Parliament and the European Council on the...more
Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more
Capital Markets Union - New Resolution from European Parliament -
The European Parliament published a press release on 9 July 2015 announcing the adoption of a non-binding resolution on building a capital markets union...more
On August 6, the European Commission (EC) adopted new rules in the form of a delegated regulation (Delegated Regulation) requiring the mandatory clearing of certain over-the-counter (OTC) interest rate derivatives contracts...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
To clarify our intended audience, in the Financial Entity Update we will address issues germane to entities that trade swaps but are neither dealers nor commercial end users. This includes a broad and diverse group of...more
ESRB Reports on EMIR -
The European Systemic Risk Board (ESRB) has published two reports relating to EMIR (the Regulation on OTC derivative transactions, central counterparties and trade repositories) to assist the...more
US lawmakers seek push out details.
US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more
Last month the EBA, ESMA and EIOPA (together, the ESAs) published their long-awaited revised draft of the regulatory technical standards on the requirement to collect and post margin in respect of uncleared OTC derivative...more
On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more
On June 29, the European Securities and Markets Authority (ESMA) published its final report (Report) on draft rules (both draft implementing technical standards (ITS) and draft regulatory technical standards (RTS)) relating...more
AIFMD - Updated Q&A from ESMA -
On 12 May, ESMA issued new Questions and Answers of the application of the AIFMD, including new questions and answers on reporting and calculation of leverage.
The revised Questions...more
On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that...more
EMIR: Pension funds have been granted a further two-year exemption from central clearing requirements, but what difference does it make in practice? -
The European Market Infrastructure Regulation (EMIR) came into...more
EBA 2014 Annual Report -
On June 15, 2015, the European Banking Authority (EBA) published its annual report for 2014.
The report provides an overview of the EBA's activities and achievements in 2014, including...more
FRB will extend high-quality liquid asset status to some state and municipal bonds.
The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more
The European Supervisory Authorities (ESAs) have launched a second consultation on draft Regulation Technical Standards (RTS) outlining the framework of the European Market Infrastructure Regulation (EMIR). The document is...more
Capital Markets Union -
European Commission published a speech by EU Commissioner Jonathan Hill on 17 April 2015, in which he highlighted the benefits of the proposed CMU.
Points of interest from the event...more
On May 22, the European Securities and Markets Authority (ESMA) published an opinion to the EU institutions (including the Commission, Parliament and Council) calling for a modification of the Directive for Undertakings for...more
On May 27, 2015, the International Swaps and Derivatives Association (ISDA) published market practice guidance on the portfolio compressions obligations under EMIR. The portfolio compression rules are part of the risk...more
Discussion and Analysis -
One of the earliest, and certainly one of the most famous, computers of all time is HAL 9000, the sentient computer that controls the systems of the Discovery One spacecraft and interacts with...more
On May 21, the European Commission (EC) issued a consultation paper (CP) as part of its review of the European Market Infrastructure Regulation (EMIR). Article 85(1) of EMIR requires the EC to prepare a report by August 17 on...more
The European Commission has adopted “equivalence” decisions on the derivatives regulatory regimes for central counterparties in Australia, Hong Kong, Japan and Singapore. Further decisions are awaited for other jurisdictions...more
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