European Markets Infrastructure Regulation European Commission

News & Analysis as of

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

Orrick's Financial Industry Week in Review

Goldman Sachs Wins Summary Judgment In CDO Class Action - On September 8, 2015, the Southern District of New York granted summary judgment in favor of Goldman Sachs Group, Inc. in a class action lawsuit concerning the...more

ECB Response to Commission Review of EMIR Implementation

On September 4, 2015, the European Central Bank (ECB) published an executive summary of its response to the consultation carried out by the European Commission to assist the Commission in its review of EMIR implementation....more

EMIR: ESCB Reports on CCPs Access to Central Bank Liquidity Facilities

On August 25, the European System of Central Banks (ESCB), in cooperation with the European Commission (EC), provided its contribution to the EC in connection with the EC’s obligation to provide an assessment of the need for...more

ESMA Publishes Discussion Paper on EMIR Standards Relating to CCP Client Accounts

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

EU Clearing Obligation for Interest Rate Swaps Looms

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

European Commission Publishes Delegated Regulation on Mandatory Clearing for OTC Interest Rate Derivatives

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

EBA Releases Key Information on EU G-SIIs

On July 28, the European Banking Authority (EBA) published a chart setting out the key metrics used to identify global systemically important institutions (G-SIIs) in the EU. The chart contains information on the size,...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

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

European Commission Launches Review of EMIR

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

Update On Third-Country Equivalence Under EMIR

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

Further Delays in Transatlantic Clearing Accord

Commodity Futures Trading Commission Chairman Timothy Massad, and Jonathan Hill, European Commissioner for Financial Stability, Financial Services and Capital Markets Union, released a joint statement on May 7 relating to the...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

EMIR: Non-Deliverable FX Forwards and Interest Rate Swap Clearing - Non-deliverable FX forwards - ESMA confirms that EMIR clearing requirements will not apply to non-deliverable FX forwards, though reserves its...more

Corporate and Financial Weekly Digest - Volume X, Issue 2

In this issue: - New Law Aligns Clearing and Margin Exceptions for Swaps - CFTC Staff Extends No-Action Relief to Certain Reporting Counterparties Masking Identifying Information Pursuant to Non-US Law -...more

EMIR – European Commission Responds to Draft RTS on IRS Clearing

The European Commission has publicized its decision to endorse draft regulatory technical standards (“RTS”) submitted to it by the European Securities and Markets Authority (“ESMA”) on the clearing of interest rate OTC...more

From EMIR to Eternity? - The EU Financial Regulatory Agenda Into 2015 and Beyond

2014 was a very active year for financial regulation in the European Union (EU). There was a push to finalise much of the outstanding primary legislation on the regulatory reform agenda in advance of the European...more

European Commission Adopts First Equivalence Decisions for Non-EU CCPs

On October 30, the European Commission (EC) adopted its first equivalence decision for the regulatory regimes of central counterparties (CCPs) located in four jurisdictions: Australia, Hong Kong, Japan and Singapore. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...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

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

Financial Regulatory Developments Focus - July 2014 #2

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

Financial Regulatory Developments Focus - May 2014

In this issue: - Derivatives - Bank Prudential Regulation - Financial Services - Enforcement - People - Events - Excerpt from Derivatives: Implementing Regulation...more

European Commission Requests Comments on Treatment of Foreign Exchange Instruments Under EMIR

On February 14, 2014, the European Securities and Markets Authority (ESMA) requested that the European Commission (EC) clarify the definition of “derivative” or “derivative contract,” and particularly the definition of...more

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