Connecting the Data Dots: Sapient’s Jim Bennett Talks Compliance Reporting
Antitrust and Competition - The European Commission Carried Out Unannounced Inspections in the Tires Sector - On 30 January 2024, the Commission conducted dawn raids at the premises of several companies active in the tires...more
Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more
The European Commission published proposals to amend the EU’s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the...more
The European Securities and Markets Authority has published a final report and Regulatory Technical Standards on its proposed increase to the commodity derivative clearing threshold under the European Market Infrastructure...more
The European Securities and Markets Authority has opened a consultation in which it proposes to amend the requirements on EU CCPs relating to an additional charge related to the procyclicality of margin. Responses to the...more
UK MiFIR: FCA update on use of TTP to modify DTO - The Financial Conduct Authority (FCA) has published an update on the use of its temporary transitional power (TTP) to modify the UK's derivatives trading obligation (DTO). ...more
EU and UK derivatives counterparties are now having to grapple with different sets of rules in the EU and the UK when trading derivatives with each other, following the end of the Brexit transition period on 31 December 2020....more
EMIR: Delegated Regulations on clearing obligation and risk mitigation - The following Delegated Regulations made under the European Market Infrastructure Regulation (EMIR) have been published in the Official Journal of the...more
From the very early days of Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories "EMIR", as amended by Regulation (EU)...more
The European Commission has published a Decision temporarily determining that U.K. central counterparties will be deemed equivalent to EU standards under the European Market Infrastructure Regulation. The Decision will apply...more
Derivatives reporting responsibilities under the European Market Infrastructure Regulation (EMIR) will change from 18 June 20201, as (i) alternative investment fund managers (AIFMs) will become responsible for reporting for...more
A draft version of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) Regulations 2020 has been published, together with an explanatory...more
A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more
The European Securities and Markets Authority has published a final report and recommendations on aligning the trading obligation under the Markets in Financial Instruments Regulation with recent changes made to the clearing...more
The European Securities and Markets Authority has published its annual report on the supervisory measures and penalties imposed by national regulators in respect of certain provisions under the European Markets Infrastructure...more
The Council of the European Union has adopted the amendments to EU law on CCP supervision. The adopted laws revising the European Market Infrastructure Regulation (EMIR 2.2) will change how both EU CCPs and third-country CCPs...more
The European Securities and Markets Authority has published a consultation paper on aligning the trading obligation under the Markets in Financial Instruments Regulation with the recent changes made to the clearing obligation...more
The European Securities and Markets Authority has opened a consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation. Responses to the...more
Le règlement (UE) n°2019/834 (EMIR Refit ou EMIR 2.1) publié au JOUE le 28 mai 2019 est entré en vigueur le 17 juin 2019. L'objectif majeur d’EMIR Refit est de limiter l'application du règlement (UE) n°648/2012 (EMIR) aux...more
The European Securities and Markets Authority has issued a Statement clarifying the application and interaction of the EU derivatives clearing and trading obligations following the entry into force of the revised European...more
Following an assessment by the European Commission (the Commission) of how the European Market Infrastructure Regulation (EMIR) has been working since it entered into force on 16 August 2012 and the phasing in of its various...more
A Commission Delegated Regulation extending the exemption from the clearing obligation for intragroup transactions with a third-country group entity has been published in the Official Journal of the European Union. There are...more
On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more
Legislative reform to the European Market Infrastructure Regulation (EMIR) has now been finalised and the changes are expected to take effect in or around June 2019. The EMIR Refit, as the reform is known, amends the scope of...more