News & Analysis as of

Central Counterparties

Proposed EU Guidelines on CCP Requirement for Anti-Procyclicality Margin Measures

by Shearman & Sterling LLP on

The European Securities and Markets Authority is consulting on proposed guidelines for national regulators of CCPs on the application of the rules requiring CCPs to adopt anti-procyclicality margin measures....more

UK Regulators Confirm Approach to Authorization and Supervision of International Banks, Investment Firms, Insurers and CCPs...

by Shearman & Sterling LLP on

The Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority have published consultations and planning considerations affecting international banks, investment firms, insurers and CCPs...more

Financial Regulatory Developments Focus - December 2017 #3

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Financial Regulatory Developments Focus - December 2017 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

EU Extends Transitional Measures for Exposures to CCPs Again

by Shearman & Sterling LLP on

A Commission Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to CCPs set out in the Capital Requirements Regulation and European Markets Infrastructure...more

Changes in trade reporting requirements under EMIR

by DLA Piper on

In this alert, we highlight some changes in trade reporting requirements under EMIR. EMIR is the European Market Infrastructure Regulation (Regulation 648/2012) which entered into force on 16 August 2012. It requires the...more

EU Equivalence Decision for US on Uncleared Derivatives

by Shearman & Sterling LLP on

A Commission Implementing Decision declaring equivalence of the US legal, supervisory and enforcement arrangements for risk mitigation techniques and exchange of collateral has been published in the Official Journal of the...more

International Swaps and Derivatives Association Publishes Recommendations for a CCP Recovery and Resolution Framework

by Shearman & Sterling LLP on

The ISDA's paper focuses on CCPs that clear derivatives, although many of its recommendations will be relevant to clearing houses that clear other instruments. It is intended to build on the guidance from CPMI-IOSCO and the...more

Bridging the Week - July 2017

Trading Firm and Individual Trader Settle CFTC Allegations of Engaging in Wash Sales to Obtain Exchange Fee Rebates: Rosenthal Collins Capital Markets LLC (now named DV Trading LLC), a proprietary trading firm, settled...more

Brussels Regulatory Brief: July

by K&L Gates LLP on

On 10 May 2017, the European Commission (“Commission”) published its final report (“Report”) concluding a wide-ranging two-year long inquiry into e-commerce (“Inquiry”). During the Inquiry – which was conceived as part of the...more

European Commission Proposes Technical Changes to the European Market Infrastructure Regulation

by Shearman & Sterling LLP on

The European Commission has published a legislative proposal to amend the European Market Infrastructure Regulation. This proposal is the result of an extensive assessment of EMIR between 2015 and 2016. The proposal covers a...more

European Commission Proposals for a "Location Policy" and Enhanced Supervision of Third Country CCPs

by Shearman & Sterling LLP on

The European Commission has published legislative proposals to amend the European Market Infrastructure Regulation and the Regulation establishing the European Securities and Markets Authority. The proposals are on the...more

EU Extends Transitional Measures for Exposures to CCPs

by Shearman & Sterling LLP on

A Commission Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in the Capital Requirements Regulation and European Markets...more

Bridging the Week - June 2017 #3

EC Proposes Two-Tier System for Classifying Third-Country CCPs; Certain Systemically Important CCPs May Be Required to Relocate to the EU: The European Commission proposed measures that would substantially amend its...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

Delay to EU Clearing Obligation for "Category 3" and "Category 4" Counterparties

by Shearman & Sterling LLP on

An amending Commission Delegated Regulation extending the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives has been published in the Official Journal of the European...more

European Securities and Markets Authority Issues Opinion on the Proposed EU Regulation on CCP Recovery and Resolution

by Shearman & Sterling LLP on

The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market...more

ESRB Reports on Revision of EMIR

On April 21, 2017, the European Systemic Risk Board (“ESRB“) published a report on the revision of the European Market Infrastructure Regulation (the “EMIR“). The report welcomes the European Commission’s November 2016...more

EU Clarification on CCP Portfolio Margining Requirements

by Shearman & Sterling LLP on

The European Securities and Markets Authority has published an Opinion addressed to EU national regulators on the portfolio margining requirements for CCPs under the European Market Infrastructure Regulation. The Regulatory...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CFPB Proposes to Provide Flexibility in Collecting Information - On March 24, 2017, the Consumer Financial Protection Bureau ("CFPB") released a proposal to amend Equal Credit...more

SEC Adopts T+2 Settlement Cycle for Securities Transactions

On March 22, 2017, the Securities and Exchange Commission (SEC) adopted an amendment to Rule 15c6-1(a) under the Securities Exchange Act of 1934 (“Exchange Act”) to shorten the standard settlement cycle for most broker-dealer...more

Brussels Regulatory Brief: March

by K&L Gates LLP on

On 8 February 2017, the Commission announced it had imposed fines totaling almost EUR 68 million on three companies for participating in a cartel to fix purchase prices of scrap lead-acid automotive batteries. The cartel...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

Financial Services Regulation - Exchange International Newsletter - Issue 31 - February 2017

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the thirty first edition of “Exchange – International” – our newsletter designed to keep you informed of international regulatory developments in...more

European Securities and Markets Authority Announces Details of 2017 EU-Wide CCP Stress Test

by Shearman & Sterling LLP on

The European Securities and Markets Authority announced details of the 2017 EU-wide CCP stress test exercise...more

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