EMIR – Revised EMIR Implementation Q&A, Exempt Pension Schemes Listed, New Rules on Clearing Credit Derivatives and Risk Mitigation for Uncleared Trades
ESMA updated its EMIR Q&A on EMIR implementation on 17 February 2016. The updated Q&A clarifies how the clearing obligation should apply to swaps resulting for the exercise of a swaption.
Read the Press Release 'ESMA Updates EMIR Q&A'
ESMA published a list of pension scheme arrangements exempted from the EMIR clearing obligation on a temporary basis on 18 February 2016.
The European Commission implemented a delegated regulation setting out the process and timing for clearing certain Euro denominated credit default swaps on 1 March 2016. A supporting annex was also made available.
Read the Press Release 'Financial Stability: New EU Rules on Central Clearing for Certain Credit Derivative Contracts'
The European Securities Agencies published final draft regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty on 8 March 2016.
Read the Press Release 'Regulatory Technical Standards (RTS) on Risk Mitigation Techniques for OTC Derivatives not Cleared by a Central Counterparty (CCP)'
Other EU developments – Benchmark Regulation and Changes to Prospectus Directive
ESMA issued a discussion paper on implementation of the Benchmarks Regulation on 15 February 2016.
Read the Press Release 'ESMA Consults on Implementation of the Benchmarks Regulation'
A new delegated regulation supplementing the Prospectus Directive which revises the process for approval and publication of prospectuses was published in the EU’s Official Journal on 4 March 2016.
