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European Securities and Markets Authority (ESMA) Central Counterparties

Cadwalader, Wickersham & Taft LLP

ESMA Launches Fifth Stress Test Exercise for Central Counterparties That Includes Climate-Related Risks

On May 31, 2023, the European Securities and Markets Authority (ESMA) published a final report on the framework for the 5th ESMA Stress Test Exercise for Central Counterparties (CCPs). For the first time, climate risk has...more

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

Hogan Lovells

Securities and markets regulatory news, June 2021 #3

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UK CCPs: BoE discussion paper on supervisory stress test framework The Bank of England (BoE) has published a discussion paper on supervisory stress testing of UK central counterparties (CCPs) and announced its first public...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

Hogan Lovells

Securities and markets regulatory news, October 2020 # 4

Hogan Lovells on

BoE and CFTC MoU for supervision of cross-border clearing organisations - The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...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

Kramer Levin Naftalis & Frankel LLP

Banking, Finance and Insurance Letter — Novembre/Décembre 2019

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

A&O Shearman

EMIR 2.2 Regulation on the Authorization and Recognition of CCPs Published

A&O Shearman on

A new Regulation amending the European Market Infrastructure Regulation has been published in the Official Journal of the European Union, introducing changes to the procedures and authorities involved in the authorization of...more

Kramer Levin Naftalis & Frankel LLP

Cooperation in Derivatives in a No-Deal Brexit Environment

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

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

Orrick - Finance 20/20 on

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

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

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

A&O Shearman on

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

A&O Shearman

European Securities and Markets Authority Finalizes Guidelines on Anti-Procyclicality Margin Measures for CCPs

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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

A&O Shearman

Clarification on Scope of EMIR Obligations for Public Entity Clearing Members Needed

A&O Shearman on

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

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

A&O Shearman

European Securities and Markets Authority Outlines 2018 Work Programme for Credit Rating Agencies, Trade Repositories and...

A&O Shearman on

The European Securities and Markets Authority has published a document combining its 2017 Annual Report and 2018 Work Programme in relation to Trade Repositories, Credit Rating Agencies and third-country Central...more

A&O Shearman

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

A&O Shearman 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

A&O Shearman

EU Extends Transitional Measures for Exposures to CCPs Again

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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

K&L Gates LLP

Brussels Regulatory Brief: July

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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

A&O Shearman

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

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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

A&O Shearman

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

A&O Shearman 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

A&O Shearman

EU Clarification on CCP Portfolio Margining Requirements

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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

K&L Gates LLP

Brussels Regulatory Brief: March

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

A&O Shearman

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

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

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