Connecting the Data Dots: Sapient’s Jim Bennett Talks Compliance Reporting
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
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
On July 29, the European Commission published a communication (and annex) on equivalence in the area of financial services. ...more
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
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
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
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
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 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
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
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
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
The European Securities and Markets Authority has published a Final Report, setting out Guidelines for national regulators of CCPs on the application of rules under the European Market Infrastructure Regulation that require...more
The Chair of the European Securities and Markets Authority, Steven Maijoor, has written to the European Commission recommending that clarification of certain provisions of the European Market Infrastructure Regulation should...more
ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations - On April 27, 2018, the European Securities and Markets Authority ("ESMA") published a letter from Steven Maijoor, ESMA Chair,...more
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
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
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
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
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
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 Bank. ...more
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
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
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
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