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European Union › Central Counterparties

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +
The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -
Proskauer Rose LLP

Regulation Round Up - December 2021

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

White & Case LLP

Brexit: Fresh Perspectives

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The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different...more

Hogan Lovells

Securities and markets regulatory news, March 2021

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UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more

A&O Shearman

EU Working Group on Risk-Free Rates Consults on Voluntary Compensation for Legacy Swaptions

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The EU Working Group on Risk-Free Rates has launched a consultation on a proposed recommendation for voluntary compensation for legacy swaptions impacted by the CCP discounting transition to Euro Short-Term Rate (€STR). A...more

A&O Shearman

European Securities and Markets Authority Publishes Final Report and Updated Q&A on CCP Membership Criteria and Due Diligence

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The European Securities and Markets Authority has published a final report on the 2018 survey it conducted on central counterparties' membership criteria and due diligence practices, together with an update to its Q&As...more

Latham & Watkins LLP

Third-Country Firms Operating Cross-Border Into the EU - Upcoming Reform

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Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more

Kramer Levin Naftalis & Frankel LLP

Banking, Finance and Insurance Letter — Novembre/Décembre 2019

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Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more

Orrick - Finance 20/20

European Commission Publishes Communication on Equivalence Policy With Non-EU Countries

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On July 29, the European Commission published a communication (and annex) on equivalence in the area of financial services. ...more

White & Case LLP

Financial Regulatory Observer – June 2019: EU Banking reforms imminent

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The Banking Reform Package marks a milestone in the new EU regulatory landscape. On 27 June 2019, a series of measures referred to as the Banking Reform Package comes into force, subject to various transitional and staged...more

A&O Shearman

EMIR Refit Regulation Published

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The Regulation amending the European Market Infrastructure Regulation, known as EMIR Refit or EMIR 2.1, has been published in the Official Journal of the European Union....more

Dechert LLP

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

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German Parliament adopts Brexit Transitional Act - The German Parliament (“Bundestag”) adopted by a large majority the so-called Brexit Transitional Act (“Brexit-Übergangsgesetz”) submitted by the Federal Government on...more

Kramer Levin Naftalis & Frankel LLP

Cooperation in Derivatives in a No-Deal Brexit Environment

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With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties....more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on SEC C&DIs, Brexit Financial Sanctions, EMIR Refit Regulation and ESMA

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SEC/CORPORATE - SEC Issues C&DI on Disclosure of Self-Identified Director Diversity Characteristics - On February 6, the staff of the Division of Corporation Finance of the Securities and Exchange Commission released...more

A&O Shearman

European Supervisory Authority Public Statement on Post-Brexit Temporary Recognition for UK CCPs if No UK-EU Deal

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The European Securities and Markets Authority has issued a public statement entitled "Managing risks of a no-deal Brexit in the area of central clearing." In the statement, ESMA confirms that its Board of Supervisors...more

Orrick - Finance 20/20

ESMA Publishes Statement on No-Deal Brexit Contingency Plans of CRAs and Trade Repositories

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ESMA published a statement on the contingency plans of credit rating agencies (“CRAs“) and trade repositories (“TRs“) in the context of Brexit (ESMA80-187-149) on November 9....more

A&O Shearman

Bank of England Consults on Approach to Resolution Statements of Policy and Onshored Binding Technical Standards for Brexit

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The Bank of England has published a consultation paper entitled "UK withdrawal from the EU: The Bank of England’s approach to resolution statements of policy and onshored Binding Technical Standards." The consultation forms...more

A&O Shearman

Bank of England Updates Non-UK CCPs on Approach to Recognition Post-Brexit

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The Bank of England has published a "Dear CEO" letter sent by Sir John Cunliffe, Deputy Governor, Financial Stability, to the Chief Executive Officers of non-U.K. CCPs to provide more detail on the post-Brexit recognition of...more

Orrick - Finance 20/20

AFME Calls on Authorities to Urgently Address Brexit Cliff Edge Risks for Financial Services Sector

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On October 22, the Association for Financial Markets in Europe (“AFME“) published a press release on avoiding a Brexit cliff edge in financial services, these concerns were reiterated in a letter to the European Commission,...more

A&O Shearman

UK Draft Legislation to Onshore the European Market Infrastructure Regulation Published

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HM Treasury has published in draft format the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 – the U.K.'s draft statutory...more

A&O Shearman

UK Government Issues Brexit "No-Deal" Guidance for Financial Services

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HM Treasury has published a technical notice entitled "Banking, insurance and other financial services if there's no Brexit deal," to provide guidance about the impact of the U.K. leaving the EU without a ratified withdrawal...more

A&O Shearman

More Pieces of the Brexit Puzzle: Enhanced Equivalence, Transitional Regimes

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Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more

A&O Shearman

UK Legislation Published for a Post-Brexit Recognition Regime for CCPs

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A draft of the Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 has been laid before Parliament. The finalized Regulations will come into force partly on the day after the day...more

A&O Shearman

European Securities and Markets Authority Issues Opinion on CCP Liquidity Risk Assessment

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The European Securities and Markets Authority has published an Opinion on the liquidity risk assessment that a CCP must undertake under the European Market Infrastructure Regulation. The Opinion is addressed to national...more

Orrick - Finance 20/20

European Parliament Adopts EMIR Refit Regulation

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The European Parliament published a press release on June 12, 2018 announcing that it has voted in plenary to adopt the proposed Regulation amending EMIR (the Regulation on OTC derivatives, central counterparties (“CCPs“) and...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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European Financial Industry Developments - BCBS Publishes its Work Program for 2018 and 2019 - On June 5, 2018, the Basel Committee on Banking Supervision ("BCBS") published details of its work program for 2018 and...more

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