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December 19th, 2014 by Nick Railton-Edwards

ESMA have published a letter received yesterday from the EC’s Director General Jonathan Faull, clarifying desired changes to the Clearing RTS. Controversial , and probably unworkable, frontloading obligations will no longer be “backdated”. The letter proposes that frontloading should begin two months after the publication of the RTS for Category 1 clients, and five months […]

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December 19th, 2014 by Nick Railton-Edwards

As an early Christmas gift to European financial lawyers (and presumably their opticians as well) ESMA has today published a Consultation paper on MiFID II\MiFIR and a Consultation paper Annex B on their respective RTS. In combination, the two papers total 1165 pages, the deadline for submission of responses is 2 March 2015. While the […]

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December 18th, 2014 by Michael Beaton

Life for “small AIFMs” [1] will change in a big way on 1 April 2015 and, despite the date, it’s no joke… In Policy Statement 13/5, the FCA made certain amendments to its client assets (CASS) rules in order to ensure that they remained consistent with the Alternative Investment Fund Management Directive (AIFMD) and to […]

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December 18th, 2014 by Nick Railton-Edwards

The FCA has updated its webpage, outlining its supervisory priorities arising from EMIR for 2015. Forthcoming areas of focus will include; Counterparty compliance for trade reporting. Connectivity or delegated reporting should have been established, appropriate LEI’s should have been acquired and preparations made for their renewal Clearing Member compliance with Article 39 EMIR in respect […]

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December 17th, 2014 by Nick Railton-Edwards

The Consolidated and Further Continuing Appropriations Act of 2015 (the “Cromnibus” Bill) was signed by President Obama yesterday, narrowly avoiding another Government shutdown. The 1,600 page final text did not include a wide range of mooted financial reforms and exemptions. However, it does amend Section 716 of Dodd-Frank, variously known as the “push-out” or “Lincoln” […]

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December 16th, 2014 by Nick Railton-Edwards

Holland Clearing House (HCH) has been authorised as the second Dutch CCP under EMIR, becoming the 15th CCP to date. HCH acts as the clearer for TOM MTF . As always, the full list is available on the ESMA public register.

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December 12th, 2014 by Nick Railton-Edwards

To the surprise of no-one, the EC has today confirmed that the QCCP deadline has been extended by six months to 15 June 2015. The extension has been effected by the adoption of an implementing regulation, the text of which remains to be finalised. The press release notes that the extension applies both to EU […]

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December 3rd, 2014 by Simon Lafrance

The Presidency of the Council of the EU published the last compromise proposal for regulation of benchmarks, dated 21 November 2014. On that same day, the chairman of the CFTC criticised the EU benchmark initiative as it left no viable space to foreign benchmarks within the EU. Yet, from a version to another, the series […]

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December 3rd, 2014 by Nick Railton-Edwards

The CFTC is to provide an encore to one of its longer-running sagas, announcing yesterday that it will reopen the comments period on its position limits rulemaking. The new period begins today and remains open for 45 days.  The move is in anticipation of questions and comments that may arise from the Commission’s Agricultural Advisory […]

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December 2nd, 2014 by Michael Beaton

On 7 November 2014, ISDA published version 1.0 of its “Minimum Standards for the Future State of Margin Workflow” (the “Standards”), a working document designed to support practical implementation of the BCBS-IOSCO margin requirements for Non-Centrally Cleared Derivatives and the draft EU Regulatory Technical Standard on Risk-Mitigation Techniques for OTC-Derivatives Contracts not Cleared by a […]

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