The Council of the European Union (EU) has proposed an amendment to the European Market Infrastructure Regulation (EMIR) that eliminates mandatory initial margin requirements for physically settled foreign exchange (FX)...more
On August 6, 2015, the European Commission (EC) adopted new rules that will require the clearing of certain over-the-counter (OTC) interest rate swaps pursuant to the European Market Infrastructure Regulation (EMIR) (the EU...more
On July 13, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA EMIR Classification Letter (the Classification Letter), a form of letter that may be used by market participants managing their...more
On June 10, the European Supervisory Authorities (ESA) published a second consultation paper on draft Regulatory Technical Standards (RTS) to implement the European Market Infrastructure Regulation (EMIR) requirement that...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act’s mandatory clearing requirement for interest rate swaps and certain credit default swaps has been in place for quite some time. However, the clearing requirement...more
On November 10, the European Securities and Markets Authority (ESMA) published a consultation paper relating to the Regulatory Technical Standards and Implementing Technical Standards (collectively, the Technical Standards),...more
On October 1, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) with respect to the central clearing of four classes of interest rate swaps (IRS). The RTS follows...more
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