News & Analysis as of

European Markets Infrastructure Regulation Derivatives

Banking, Finance and Insurance Letter - Mai-Juin 2017

Publication du règlement dit « Prospectus » abrogeant la directive Prospectus - Le 30 juin 2017 a été publié au Journal officiel de l’UE le règlement n° 2017/1129 du 14 juin 2017 concernant le prospectus à publier en cas...more

A comparison of the reporting obligation under EMIR and under MIFIR

by White & Case LLP on

Entities within scope - EMIR - Under Article 9 of EMIR, the reporting obligation applies to entities established in the EU who enter into, modify or terminate certain derivatives transactions....more

Reflections upon the proposed amendments to EMIR

by White & Case LLP on

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force on 16 August 2012. Most of the obligations...more

Update: European Market Infrastructure Regulation Exemptions for Central Banks in Six Countries

by Shearman & Sterling LLP on

A Commission Delegated Regulation exempting central banks in six countries - Australia, Canada, Hong Kong, Mexico, Singapore and Switzerland - from complying with the European Market Infrastructure Regulation was published in...more

Proposed EMIR II – Key Points for Derivatives Markets Participants

by Morrison & Foerster LLP on

On 4th May 2017, the European Commission announced its proposals to amend the current European Market Infrastructure Regulation (Reg. No. 648/2012) (“EMIR”). The proposals stem from its public consultation and Call for...more

Priorités de l’AMF dans le cadre de la revue d’EMIR

This alert examines the priorities of the AMF (French SEC) regarding the amended EMIR regulation. Please see full Publication below for more information. ...more

Projet de règlement de la Commission européenne modifiant le règlement 648/2012 dit « règlement EMIR »

This alert examines the draft Commission Regulation amending Regulation 648/2012 aka « EMIR Regulation » and Communication from the Commission to the EU Parliament and Council as well as to the European Central...more

Règlement délégué 2017/751 du 16 mars 2017 de la Commission

This alert examines the Commission Delegated Regulation (EU) 2017/751 of 16 March 2017 amending Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the deadline for compliance with clearing...more

Article 30 of the EMIR Margin Rules and the Covered Bond Exemption

by White & Case LLP on

The new rules that implement the margin requirements under the risk mitigation obligations as set out in EMIR, create a specific regime for hedging arrangements that are entered into in relation to covered bonds. This article...more

Delay to EU Clearing Obligation for "Category 3" and "Category 4" Counterparties

by Shearman & Sterling LLP on

An amending Commission Delegated Regulation extending the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives has been published in the Official Journal of the European...more

Derivatives In Review - May 2017

CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

Japanese Variation Margin Requirements Take Effect

by Jones Day on

Following the Basel Committee on Banking Supervision and the International Organization of Securities Commissions' March 18, 2015, release of revisions to the framework for margin requirements for non-centrally cleared...more

EMIR Exemptions for Central Banks in Six Countries

by Shearman & Sterling LLP on

The European Commission published a report on the international treatment of Central Banks and public entities managing public debt with regard to OTC derivatives transactions. The European Market Infrastructure Regulation...more

Orrick's Financial Industry Week In Review

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

European Commission Passes Delegated Regulation on Exempted Entities Under EMIR on Derivatives, Central Counterparties and Trade...

On March 2, 2017, the European Commission (the “Commission“) adopted a Delegated Regulation amending the European Market Infrastructure Regulation (“EMIR“) with regard to the list of exempted entities (C(2017) 1324...more

EU Corrections to Regulatory Technical Standards on Margin Requirements for Uncleared Transactions Enter Into Force

by Shearman & Sterling LLP on

A Commission Delegated Regulation amending the Regulatory Technical Standards on margin requirements for uncleared derivatives was published in the Official Journal of the European Union. The amending RTS relate to the...more

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

by Dechert LLP on

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

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

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

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

by White & Case LLP on

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

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

by Reed Smith on

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

by Shearman & Sterling LLP on

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

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

by Shearman & Sterling LLP on

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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