On 26 September 2013, the European and Markets Authority (ESMA) issued a press release announcing that the European Commission has revised the delivery date for its draft regulatory technical standards (RTS) on the cross-border application of EMIR (Art. 4(4) and 11(14)).  The time limit has been extended from 25 September 2013 to 15 November 2013. […]

On 17 September 2013, the European Securities and Markets Authority (ESMA) published: a list of responses to its 12 July 2013 discussion paper on the clearing obligation under EMIR; and a list of responses to its 17 July 2013 discussion paper on draft regulatory technical standards (RTS) on contracts having a direct, substantial and foreseeable […]

15 September 2013. The deadline for compliance EMIR portfolio reconciliation and CCP registration is here. Portfolio Reconciliation: The deadline falls six months after ESMA’s technical standards were published, requiring counterparties to “”agree in writing or other equivalent electronic means with each of their counterparties on the arrangements under which portfolios shall be reconciled. Such agreement […]

An interesting article in Risk magazine highlights the conjunction between EMIR 3rd Country CCP RTS and the CRR risk weightings. EMIR mandates that CCP’s have to apply to ESMA by 15th September, to benefit from a 180 day grace period during which they will be temporarily recognised as a QCCP. If they lack QCCP status, […]

Introduction Article 11(1) of EMIR requires all financial counterparties (“FC”), non-financial counterparties which have exceeded the clearing threshold (“NFC+”) and non-financial counterparties which have not exceeded the clearing threshold (“NFC-”) to establish “appropriate procedures and arrangements” to ensure the timely confirmation of the terms of all non-cleared OTC derivative contracts. On 15 March 2013, the […]

On 23 February 2013, the following EMIR Technical Standards were published in the EU Official Journal, meaning that they will enter into force on the dates indicated below:  Regulatory Technical Standard Entry into Force Minimum details of the data to be reported to trade repositories 15 March 2013 Indirect clearing arrangements, the clearing obligation, the […]

On 13 February 2013, the European Commission published an update to its FAQ document on EMIR, including a new question (number 13) and answer relating to timely confirmations. Article 11(1) of EMIR requires financial counterparties and non-financial counterparties that enter into OTC derivative contracts not cleared by a CCP to have in place “appropriate procedures […]

On 8 February 2013, following the approval by the EU Parliament of the draft regulatory technical standards (RTS) made pursuant to EMIR, the EU Commission published a declaration regarding implementation of the RTS. The Commission noted the Parliament’s concerns and has stated that: the obligation for non-financial firms to clear will be phased-in over “an […]

In a statement published yesterday, Michel Barnier, European Commissioner for Internal Market and Services, welcomed the decision of the EU Parliament not to object to the EMIR Regulatory Technical Standards (RTS) on risk mitigation and CCPs at a vote scheduled for yesterday. He confirmed that the RTS were now likely to enter force in mid-March […]