News & Analysis as of

European Commission Derivatives

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

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

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Jobs Act Amendments - On April 5, the Securities and Exchange Commission ("SEC") announced that it has adopted amendments to increase the amount of money companies can...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

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

European Commission Adopts Delegated Regulation on RTS for the Application of Position Limits to Commodity Derivatives

On December 1, 2016, the European Commission adopted a Delegated Regulation supplementing the MiFID II Directive (2014/65/EU) in relation to regulatory standards (“RTS“) for the application of position limits to commodity...more

The Big Picture: EU's Financial Regulation Offensive

by Morrison & Foerster LLP on

In the aftermath of the financial crisis, the national and international response by legislators and regulators has been to substantially overhaul and increase financial regulation applicable to banks and other financial...more

European Securities and Markets Authority Publishes Initial Proposals on the Trading Obligation under MiFIR

by Shearman & Sterling LLP on

The European Securities and Markets Authority published a discussion paper on the trading obligation for derivatives under the Markets in Financial Instruments Regulation. The trading obligation is applicable to classes of...more

European Supervisory Authorities Opines on Final Draft Technical Standards on Uncleared Derivatives

by Shearman & Sterling LLP on

The Joint Committee of the European Supervisory Authorities published an Opinion on the European Commission's proposed amendments to the final draft Regulatory Technical Standards on risk mitigation techniques for uncleared...more

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

BREXIT: A First Look at the Impact on Asset Managers That Trade Derivatives

by K&L Gates LLP on

Asset managers and investment funds that make significant use of derivatives will face regulatory and operational challenges in the post-Brexit vote environment. Although the Brexit vote is not expected to have an immediate...more

European Commission Adopts Regulatory Technical Standards on the Direct, Substantial, and Foreseeable Effect of Derivative...

by Shearman & Sterling LLP on

The European Commission adopted a Commission Delegated Regulation supplementing the Markets in Financial Instruments Regulation. Under MiFIR, a new trading obligation is introduced for shares and other sufficiently liquid...more

EU Technical Standards on the Valuation of Derivatives for Bail-in Adopted by the European Commission

by Shearman & Sterling LLP on

The European Commission adopted Regulatory Technical Standards on the valuation of derivatives for the purpose of bailing-in derivative liabilities. The Bank Recovery and Resolution Directive provides that a resolution...more

UK Financial Regulatory Developments - April 2016 #5

by Dentons on

ESMA consults on EU MAR commodity and spot markets disclosures - ESMA is consulting on draft guidelines under the Market Abuse Regulation (EU MAR) setting out a non-exhaustive indicative list of information expected or...more

"Derivatives Regulators Reach Agreement on Cross-Border Harmonization for Central Clearing Counterparties"

Recent regulatory actions by the U.S. Commodity Futures Trading Commission (CFTC) and the European Commission (EC) are bringing an end to years of negotiation on how to regulate central clearing counterparties (CCPs)...more

PRA publishes consultation paper on ‘bail-in’ provisions

by Reed Smith on

On 15 March 2016, the Prudential Regulation Authority (PRA) issued a consultation paper on its proposed amendments to the contractual recognition of bail-in provisions in the PRA Handbook. This amendment follows the temporary...more

Final European Standards for Derivatives Collateralisation

by Morrison & Foerster LLP on

On 8 March 2016, the three European Supervisory Authorities (ESAs) published their final draft regulatory technical standards in relation to the collateralisation of non-centrally cleared derivatives. The standards are to...more

Delay to MiFID II means continued lack of transparency in some EU financial markets

by Bryan Cave on

The European Commission has announced a delay to the implementation of MiFID II (the latest piece of EU legislation dealing with the regulation of investment services within Europe). MiFID II will amongst other things...more

E.U.-U.S. Agreement on Equivalence for Central Clearing Parties: Building Cross-Border Harmony

by Alston & Bird on

Despite the consensus reached over six years ago among G-20 regulators on general principles for derivatives regulation, implementation of those principles in cross-border contexts has not always been smooth. ...more

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