ESMA Practical Guidance on its Recognition of Third Country CCPS
European Securities and Markets Authority ("ESMA") has published practical guidance on the recognition by it of third country central counterparties (CCPs) under EMIR (ESMA/2016/365). The guidance is dated March 17, 2016.
The guidance covers the following phases in the application process:
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Communications with ESMA before submitting an application for recognition.
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Timeframe for submission of an application.
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Submission of an application, including format, number of copies and language.
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ESMA's acknowledgement of the receipt of an application.
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Information on the calculation of deadlines set by ESMA.
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Assessment of completeness, requests for additional information and notification of completeness.
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ESMA's examination of the application.
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ESMA's decision on the recognition application.
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Publication on ESMA's website.
Commission Sends MiFID II Draft RTS Back to ESMA for Revision
On March 17, Markus Ferber, MEP, the European Parliament's Rapporteur for MiFID II, published a press release announcing that the European Commission had sent back to European Securities and Markets Authority ("ESMA") the draft regulatory technical standards (RTS) on non-equity transparency, the ancillary activity exemption, and position limits for commodity derivatives for further revision to take the Parliament's position more thoroughly into account.
Mr. Ferber explains that the latest draft RTS were not acceptable to the Parliament, especially the position limits regime, which he believes urgently needs a comprehensive redrafting to effectively curb food speculation. He believes that the latest drafts were not up to standard and would not have solved the problem at all.
Mr. Ferber expects ESMA to revisit the technical standards swiftly, thoroughly and to adapt them in line with the Parliament's remarks. However, the redrafting must not further delay the overall MiFID II timeline. He adds that, since the Parliament's concerns were known and available for quite some time, the Commission and ESMA could easily have acted earlier.
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