ESMA has updated its EMIR Q&A Level 3 text on OTC derivatives, CCPs and trade repositories. The update clarifies how the frontloading and clearing obligations apply to swaps created via the exercise of a swaption. Coming a scant three business days before the start of frontloading, the update continues the EMIR practice of just in […]

On 10 July 2014 both the ESMA EMIR Q&A and the EU Commission EMIR FAQ documents were updated. ESMA Q&A Two changes have been made to the ESMA Q&A document since it was last updated on 23 June 2014. A new OTC Question 13(a) (Status of entities not established in the Union) has been added.  This […]

On 20 December 2013, the European Securities and Markets Authority (ESMA) published an updated Q&A document (ESMA/2013/1959) and accompanying press release on EMIR implementation. The Q&A were originally published on 20 March 2013 and most recently updated on 11 November 2013.  The main purpose of the most recent amendments is to provide clarity on how exchange-traded […]

On 22 October 2013, the European Securities and Markets Authority (ESMA) published an update to its EMIR Questions and Answers document. The most recent previous update to the document occurred in August 2013.  The only part which appears to have been updated since that time is the answer to question 10(b) within the ‘Part III: […]

On 5 August, ESMA published an updated version of its EMIR Q&A document.  The document constitutes a material update of the previously published version, including answers to a number of new questions and additional clarification with respect to previously published answers.  Guidance is provided on a number of issues, including confirmation: that typically the counterparty […]