European Securities and Markets Authority Derivatives

News & Analysis as of

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

The Financial Report - Volume 5, No. 1 January 2016 (Global)

Discussion and Analysis Richard Ketchum, Chairman and CEO of the Financial Industry Regulatory Authority, announced in FINRA’s 11th annual Regulatory and Examination Priorities Letter, published earlier this week, that...more

Financial Services Quarterly Report - Fourth Quarter 2015: And a Partridge in a Pear Tree: Top 12 Regulatory Heads-up for the...

1st Day of Christmas – UCITS V* - The UCITS V Directive (UCITS V) introduces specific provisions on: - (i) eligibility, liability and delegation of depositaries; - (ii) remuneration policies;...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

Structured Thoughts: News for the financial services community, Volume 6, Issue 9

ESMA Final Report on Complex Debt Instruments and Structured Deposits - On 26 November 2015, the European Securities and Markets Authority (“ESMA”) published its Final Report on its “Guidelines on complex debt...more

ESMA and SFC agree derivatives MoU

ESMA and the Securities and Futures Commission (SFC) of Hong Kong have concluded a memorandum of understanding (MoU), the first that will allow the exchange of information on derivative contracts held in trade repositories....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

Time for an Upgrade: Central Bank of Ireland Replaces UCITS Notices and Guidance Notes with Statutory Instrument

For more than 25 years, the essential text for anybody wishing to navigate the regulatory environment for UCITS in Ireland has been the UCITS Notices which were supplemented by UCITS Guidance and then the UCITS Q&A....more

ESMA Reopens Consultation on Indirect Clearing Arrangements

On November 5, the European Securities and Markets Authority (ESMA) published a consultation paper relating to indirect clearing arrangements (CP). The CP consists of a review of the existing regulatory technical standards...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

ODRG reports on cross-border implementation

ESMA has published the OTC Derivatives Regulators Group (ODRG) report updating G20 on further progress in identifying and resolving OTC derivatives cross-border implementation issues....more

FMLC reports on clearing uncertainty in MiFIR

FMLC has published a paper on uncertainty arising in the context of indirect clearing of exchange traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). There was no RTS for indirect clearing...more

ESMA publishes commodities guideline translations

ESMA has published the official translations of its guidelines on commodity derivatives under the current Markets in Financial Instruments Directive....more

ESMA informs of delay to MiFIR RTS

ESMA Chair, Steven Maijoor, has written to the Commission informing it of a delay in submitting the RTS on indirect clearing and exchange-traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). ESMA...more

Corporate and Financial Weekly Digest - Volume X, Issue 39

SEC/CORPORATE - House Passes Disclosure Modification and “4(a)(1)(1/2)” Bills - On October 6, the US House of Representatives passed the Disclosure Modification and Simplification Act of 2015 (H.R. 1525), which, if...more

ESMA Publishes Final Report and Draft Regulatory and Implementing Technical Standards on MiFID II and MiFIR

On September 28, the European Securities and Markets Authority (ESMA) published a final report (Report) containing draft regulatory and implementing technical standards (Standards) on the revised EU Markets in Financial...more

Corporate and Financial Weekly Digest - Volume X, Issue 38

SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

ESMA speaks on changes to derivatives market

ESMA Chair Steven Maijoor spoke at the 2015 ISDA Annual Europe Conference in London. In his speech he highlighted the importance of ensuring consistent implementation of the European Market Infrastructure Regulation (EMIR),...more

Orrick's Financial Industry Week in Review

SEC Updates Compliance and Disclosure Interpretations for Legacy Deals - On September 16, the SEC released its updated compliance and disclosure interpretations for the rules adopted under Regulation AB, the Securities...more

ESMA Speech on Clearing the Way Towards an EU OTC Derivatives Union

On September 22, 2015, the European Securities and Markets Authority (ESMA) published a speech, given by Steven Majoor, ESMA Chair, on the regulation and supervision of the derivatives market. Points of interest in the speech...more

Corporate and Financial Weekly Digest - Volume X, Issue 36

BROKER-DEALER SEC - Extends Specified Temporary Relief Related to Security-Based Swaps - On September 15, the SEC issued an order extending temporary exemptions and exceptions from compliance with certain...more

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

FCA Scraps New RDR Rules for Nominees to Pass on Fund Information and Voting Rights on FCA Authorised Funds to Beneficial Owners - The FCA board agreed on 30 July 2015, to revoke certain new rules and guidance in its...more

ESMA consults on review of EMIR standards

ESMA has published a discussion paper on the review of Article 26 of its Regulatory Technical Standards (RTS) under the European Market Infrastructure Regulation (EMIR) which deals with Central Counterparties’ (CCPs) client...more

ESMA consults on final MiFID 2 ITS

ESMA is consulting on the remaining draft implementing technical standards (ITS) under the revised Markets in Financial Instruments Directive (MiFID 2) on which it has not previously consulted. The consultation and draft ITS...more

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