News & Analysis as of September 18, 2024

European Commission

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

EMIR 3 and Clearing in the EU

A&O Shearman on 2/29/2024

Of the many aims of the EU’s latest revisions to the European Market Infrastructure Regulation (EMIR), the most controversial and intensely debated is mandating clearing at EU CCPs. Since Brexit, the EU has been concerned...more

European Commissioner Announces Proposed Extension of Equivalence for UK CCPs

A&O Shearman on 12/16/2021

European Commissioner McGuinness has announced that in early 2022 the European Commission will be proposing an extension of the time-limited equivalence granted to U.K. CCPs...more

Proposed EU Procedural Rules for Penalties Imposed on Third-Country CCPs, Trade Repositories and Credit Rating Agencies

A&O Shearman on 12/31/2019

The European Securities and Markets Authority has launched a consultation on proposed procedural rules for penalties imposed on third-country CCPs, trade repositories and credit rating agencies. Responses are invited by...more

EU Council Adopts Laws on Enhanced Supervision of Third-Country CCPs

A&O Shearman on 11/4/2019

The Council of the European Union has adopted the amendments to EU law on CCP supervision. The adopted laws revising the European Market Infrastructure Regulation (EMIR 2.2) will change how both EU CCPs and third-country CCPs...more

Transitional Periods Further Extended for Own Funds Requirements for Exposures to CCPs

A&O Shearman on 6/18/2018

A Commission Implementing Regulation has been published in the Official Journal of the European Union, following a consultation by the European Commission in April 2018 which closed on May 15, 2018. The Commission...more

ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations

Orrick - Finance 20/20 on 5/3/2018

On April 27, 2018, the European Securities and Markets Authority (“ESMA“) published a letter from Steven Maijoor, ESMA Chair, to Oliver Guersent, European Commission Director General, Financial Stability, Financial Services...more

Corporate & Financial Weekly Digest, Featuring Topics on Broker/Dealer and UK/EU Developments

Katten Muchin Rosenman LLP on 4/16/2018

BROKER-DEALER - Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits - The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to...more

European Commission Publishes Draft Seventh Implementing Regulation Extending Transitional Periods Related to Own Fund...

Orrick - Finance 20/20 on 4/7/2017

On March 31, 2017, the European Commission published a draft version of an Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to Central Counterparties...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 10/28/2016

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

European Commission Adopts Delegated Regulation on RTS on Minimum Details of Data to Report to Trade Repositories

Orrick - Finance 20/20 on 10/26/2016

On October 19, 2016, the European Commission adopted a Delegated Regulation amending Delegated Regulation 148/2013 supplementing EMIR (Regulation 648/2012) as regards regulatory technical standards (RTS) on the minimum...more

European Commission Intends to Endorse, with Amendments, Draft RTS on Risk Mitigation Techniques for Uncleared OTC Derivative...

Orrick - Finance 20/20 on 8/5/2016

On July 28, 2016, The European Commission published a letter to the Joint Committee of the European Supervisory Authorities (ESAs) informing them that it intends to endorse, with amendments, the draft regulatory technical...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 8/2/2016

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

European Commission Adopts Delegated Regulation on RTS Specifying Obligation to Clear Derivatives Traded on Regulated Markets and...

Orrick - Finance 20/20 on 7/7/2016

On June 29, 2016, the European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (“MiFIR”) with regard to RTS specifying the obligation to clear derivatives traded on...more

European Commission Adopts MiFIR Delegated Regulation on RTS on Access to Benchmarks

Orrick - Finance 20/20 on 6/8/2016

On June 2, 2016, the European Commission adopted a Delegated Regulation supplementing the Markets in Financial Instruments Regulation (Regulation 600/2014) (MiFIR) with regard to regulatory technical standards (RTS) on access...more

"Derivatives Regulators Reach Agreement on Cross-Border Harmonization for Central Clearing Counterparties"

Skadden, Arps, Slate, Meagher & Flom LLP on 3/25/2016

Recent regulatory actions by the U.S. Commodity Futures Trading Commission (CFTC) and the European Commission (EC) are bringing an end to years of negotiation on how to regulate central clearing counterparties (CCPs)...more

European Commission and U.S. CFTC Agree Common Approach on Requirements for Transatllantic CCPs

Orrick - Finance 20/20 on 2/17/2016

On February 10, the European Commission published a statement setting out details of the common approach it has agreed with the U.S. Commodity Futures Trading Commission (CFTC) on requirements for transatlantic central...more

European Commission and CFTC Publish Announcement on EU/US Clearing Equivalence

Dechert LLP on 2/16/2016

The European Commission and the U.S. Commodity Futures Trading Commission (“CFTC”) announced a “common approach for transatlantic CCPs” on 10 February 2016. Under this “common approach,” the European Commission has pledged to...more

U.S. Commodity Futures Trading Commission and European Commission Announce Common Approach for Transatlantic CCPs

Orrick - Finance 20/20 on 2/12/2016

On February 10, the U.S. Commodity Futures Trading Commission (the “CFTC”) and the European Commission announced a common approach relating to requirements for transatlantic central clearing parties (CCPs). The CFTC and the...more

Current Status of the Clearing Obligation Under EMIR

Morgan Lewis on 1/13/2016

Although EMIR came into force as long ago as August 2012, the clearing obligation it provides for was first brought into effect in December 2015 on a phased basis and only for certain interest rate swaps denominated in the G4...more

European Commission Launches Review of EMIR

Katten Muchin Rosenman LLP on 5/29/2015

On May 21, the European Commission (EC) issued a consultation paper (CP) as part of its review of the European Market Infrastructure Regulation (EMIR). Article 85(1) of EMIR requires the EC to prepare a report by August 17 on...more

European Commission Adopts First Equivalence Decisions for Non-EU CCPs

Katten Muchin Rosenman LLP on 11/6/2014

On October 30, the European Commission (EC) adopted its first equivalence decision for the regulatory regimes of central counterparties (CCPs) located in four jurisdictions: Australia, Hong Kong, Japan and Singapore. ...more

Corporate and Financial Weekly Digest - Volume IX, Issue 43

Katten Muchin Rosenman LLP on 11/3/2014

In this issue: - ISS Announces Launch of QuickScore 3.0 - SEC Provides Relief to GSEC From Rule 204 Close-Out Requirements - CFTC Extends Relief to FCMs from Certain Commingling Requirements -...more

ESMA Publishes Updated Q&A

Katten Muchin Rosenman LLP on 8/14/2013

EU national competent authorities and the European Securities and Markets Authority have published an amended set of European Market Infrastructure Regulation (EMIR) Q&As. The purpose of the document is to promote common...more

Protecting the CCP Egg Basket

Morrison & Foerster LLP on 3/12/2013

Originally published in Derivatives Intelligence on February 25, 2013. The implementation of EMIR and the Dodd-Frank Act will mutualize large volumes of counterparty risk and, together with new requirements for trade...more

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