The European Commission (EC) has launched a consultation on a draft Delegated Regulation supplementing the European Market Infrastructure Regulation (EU) No 648/2012 (EMIR) as amended by EMIR 3 (EU) No 648/2012). The draft Delegated Regulation specifies the fees to be charged by the European Banking Authority to counterparties for the validation of pro forma models, and any changes to those models, used by those counterparties to mitigate the risk of their uncleared over-the-counter derivatives portfolios. It also specifies both the one off fee charged for validating any new pro forma models and the annual fee charged for validating changes to already validated pro forma models. The deadline for feedback is 12 March.
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