U.K. EMIR (the onshored European Market Infrastructure Regulation) generally requires the clearing at a central counterparty of all interest rate swaps and credit default swaps. As announced earlier this year, HM Treasury has...more
Welcome to your weekly update from the Allen & Overy Pensions team, covering all the latest legal and regulatory developments in the world of workplace pensions. This week we cover the following topics: Call for evidence...more
A recap of the key updates to the regime established by Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties, and trade repositories (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
COVID-19: FCA updates statement on short selling bans and reporting - On 31 March 2020, the UK Financial Conduct Authority (FCA) updated its webpage on short selling bans and reporting to confirm that the required changes...more
HM Treasury has published guidance on the availability of the exemption from the clearing obligation for Pension Scheme Arrangements under the European Market Infrastructure Regulation in a post-Brexit no deal scenario. The...more
The European Securities and Markets Authority has published a further statement on the transitional exemption from the clearing obligation for pension scheme arrangements under the European Market Infrastructure Regulation...more
AIFMD - ESMA updates AIFMD Memoranda of Understanding ("MoUs") - ESMA updated its list of MoUs on 17 July 2018, singed the EU regulatory authorities (17 July 2018) – Croatia and Slovenia are still to sign MoUs....more
The European Securities and Markets Authority has published a statement on the transitional exemption from the clearing obligation for pension scheme arrangements under the European Market Infrastructure Regulation and...more
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
An amendment to EMIR entitled Commission Delegated Regulation (EU) 2017/610 was published in the Official Journal of the EU (“OJ“). The Delegated Regulation concerns the extension of transitional periods relating to Pension...more
EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more
CFTC Indicates Willingness to Help Incubate Fintech - On February 21, 2017, J. Christopher Giancarlo, the acting chairman of the U.S. Commodity Futures Trading Commission ("CFTC"), has diverged from other U.S. federal...more
On February 23, 2017, the European Parliament updated its procedure file on the proposed Commission Delegated Regulation amending European Market Infrastructure Regulation (“EMIR“) (Regulation 648/2012) as regards the...more
The European Securities and Markets Authority published an Opinion on Spanish-based pension schemes that are to be exempted from the clearing obligation under the European Market Infrastructure Regulation. The Opinion was...more
The Joint Committee of the European Supervisory Authorities published an Opinion on the European Commission's proposed amendments to the final draft Regulatory Technical Standards on risk mitigation techniques for uncleared...more
AIFMD - Updated Q&A - ESMA published an updated Q&A on the AIFMD on 5 April 2015. The new Q&A address notification requirements relating to additional investment in existing Alternative Investment Funds....more
On February 2, the European Securities and Markets Authority (ESMA) published a set of opinions to exempt 16 UK-based pension schemes from clearing obligations contained in the European Market Infrastructure Regulation...more