News & Analysis as of

ESMA Publishes Opinions on Pension Schemes To Be Exempt From EMIR Clearing Obligations

On February 2, the European Securities and Markets Authority (ESMA) published a set of opinions to exempt 16 UK-based pension schemes from clearing obligations contained in the European Market Infrastructure Regulation...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

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

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

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

Treasury updates on RCH call for evidence

Treasury has published the outcome of its call for evidence on Recognised Clearing Houses (RCH). Treasury needs to consider how to apply UK legislation to the current RCH once each entity has completed any necessary...more

ESMA not to extend collateralisation exemption

ESMA has announced that it will not further extend the existing three-year grace period for non-financial firms’ use of non-collateralised bank guarantees to cover transactions in energy derivatives cleared by EU central...more

ESMA Issues Public Statement on Collateralization of Bank Guarantees for Energy Derivatives

On November 19, the European Securities and Markets Authority (ESMA) issued a public statement (Public Statement) regarding its decision not to extend the current three year grace period which permits non-financial firms to...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

ESMA updates EMIR data reporting TS

ESMA has updated its TS on the data reporting requirements under the European Market Infrastructure Regulation (EMIR). Since it created the original standards ESMA has issued a set of Q&As on elements of the reporting...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

ESMA consults on indirect clearing

ESMA is consulting on amending regulatory technical standards (RTS) on indirect clearing arrangements for OTC derivatives under the European Market Infrastructure Regulation (EMIR) and on draft RTS for exchange-traded...more

ESMA submits additional RTS on IRS central clearing

ESMA has submitted to the Commission its additional draft RTS on the central clearing of interest rate swaps (IRS) under EMIR. The RTS propose the mandatory central clearing of fixed-to-float IRS and forward rate agreements...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

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

AIFMD – Updated Q&As Clarify Position on Sub-Delegation of Custody by AIF Depositaries - ESMA updated its Q&As on 1 October regarding the application of the AIFMD, clarifying its position on AIFMD provisions on...more

ESMA Adds Index CDS to EMIR Mandatory Clearing Obligations

On October 2, the European Securities and Markets Authority (ESMA) finalized and issued a draft regulatory standard (RTS) for the mandatory clearing of certain credit default swaps (CDS) as required under the European Market...more

ESMA updates EMIR implementation Q&A

ESMA has updated its Q&A on the implementation of European Market Infrastructure Regulation (EMIR). The update gives guidance on a procedure for counterparties and...more

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