Signalling the next step in the protracted implementation of MiFID II/ MiFIR, the European Commission has published its request to the EBA (dated 16th May) for technical advice regarding intervention powers for structured deposits. This follows a 23rd April Mandate to ESMA for technical advice, as summarised in our earlier blog post. As MiFIR establishes a […]

Introduction On 11 February 2014, just a day before the commencement of reporting under EMIR, the European Securities and Markets Authority (ESMA) published an updated EMIR Q&A document. Given its proximity to 12 February, it is unfortunate that many of the updates in the Q&A address the mechanics of EMIR trade reporting.  There is nothing […]

On 28 November 2013, the European Securities and Markets Authorities (ESMA) published a press release confirming the authorisation of a further two Trade Repositories (TRs) under EMIR, being: ICE Trade Vault Europe Ltd (ICE TVEL), based in the United Kingdom; and CME Trade Repository Ltd (CME TR), based in the United Kingdom. Following this announcement, […]

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 15 October 2013, the Court of Appeal began a 3-day hearing to examine two separate cases brought against Barclays and Deutsche Bank linked to Libor-rigging.   The UK court will consider whether the banks mis-sold products that were based upon the rate and whether attempted manipulation of Libor can invalidate a loan or other deals.  […]

The FT reports that the EC has abandoned plans to move LIBOR supervision to the French-based ESMA. The EC legislative proposals regarding benchmark rates are set to be unveiled next week. In their latest incarnation, London will remain the primary authority for LIBOR, although under supervision from a college of member states, itself subject to […]

A scant six days before the submission window closes, the Reserve Bank of India has confirmed that it will allow its country’s CCP’s to apply for ESMA approval. Once the initial application is made, the CCP’s are then granted up to 30 business days to finalise their application; ESMA then has 180 working days to […]

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 […]

Euroclear has confirmed the rumour of a delay in the enforcement of trade-reporting. In a statement which will surprise no-one, an ESMA spokesperson said that it will “most probably” (which we can read as “almost certainly”) delay the compliance deadline for ETD trade reporting by one year to January 2015. As usual, the devil is […]