Tag Archives: EMIR

No margin for error: the upcoming EMIR margin rules

EMIR is the centrepiece of the EU post financial crisis reform of derivatives markets and seeks to address perceived issues with counterparty credit risk and transparency. After a long and difficult consultation period, and some way behind other similar global … Continue reading

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Filed under Europe, European Regulation

EU: EMIR timing for registration of trade repositories and reporting slips

The European Securities and Markets Authority (ESMA) has updated its EMIR implementation timetable.  ESMA now does not expect to make its decisions on the registration of the first trade repositories before 7 November 2013, rather than from 24 September as … Continue reading

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Filed under EU, Europe, European Regulation

EU: ESMA begins detailing central clearing of OTC derivatives

The European Securities and Markets Authority (ESMA) has launched a Discussion Paper as a first step towards preparation for the regulatory technical standards (RTS) to implement provisions of the European Markets Infrastructure Regulation (EMIR) regarding the obligation to centrally clear … Continue reading

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Filed under EU, European Regulation, France, Italy, Spain, UK

EMIR: delays in delivery of technical advice on third-country equivalence, and also to the start of trade reporting requirements

The European Securities and Markets Authority (ESMA) has published a letter from the European Commission.  In order to enable ESMA to take account of international ongoing developments and to consider their implications fully, the Commission has revised the deadlines for ESMA to deliver certain … Continue reading

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Filed under EU, Europe, European Regulation

Derivatives update for corporates

The regulatory response to the credit crisis is having a profound effect on derivative markets. In our bulletin for corporate clients, we provide an update on three areas of change in the derivative markets primarily driven by regulatory reform – EMIR, … Continue reading

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Filed under EU, Europe, European Regulation, Regulatory Reform, US

UK: Interim report on independent review of the Investment Bank Special Administration Regime

Peter Bloxham has completed the first phase of his independent review of the Investment Bank Special Administration Regulations 2011 and in February 2013 presented an interim report, which HM Treasury has now published.   In addition to making a number of immediate … Continue reading

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Filed under Banking, UK, UK Legislation, Uncategorized

FSB progress report on OTC derivatives market reform

The Financial Stability Board (FSB) has published its 5th six-monthly progress report on the implementation of over-the-counter (OTC) derivatives market reforms. 

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Filed under International, JURISDICTIONS

UK: EMIR countdown: Notification forms for 15 March and new Regulations for 1 April 2013

The FSA has published final versions of notification forms for the purposes of the European Market Infrastructure Regulation (EMIR) for use by from 15 March 2013.  The Government has also published the Financial Services and Markets Act 2000 (Over the Counter … Continue reading

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Filed under Bank of England, EU, FCA, PRA, Regulatory Reform

ISDA publishes EMIR Non-Financial Counterparty Representation Protocol and Timely Confirmation Amendment Agreement

The International Swaps and Derivatives Association, Inc. (ISDA) has published its March 2013 EMIR Non-Financial Counterparty (NFC) Representation Protocol and a Timely Confirmation Amendment Agreement.  The ISDA March 2013 EMIR NFC Representation Protocol is designed to allow swap market participants to simultaneously amend … Continue reading

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Filed under Europe, UK

European Commission extends time for ESMA’s technical advice on equivalence of EMIR and third country legal/supervisory frameworks

The European Commission has written to Steven Maijoor, the Chair of the European Securities and Markets Authority (ESMA) to extend the deadline for ESMA to provide its technical advice on the equivalence between certain third country legal and supervisory frameworks and … Continue reading

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Filed under EU, Europe, European Regulation