News & Analysis as of September 17, 2024

Derivatives

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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 -

European Commission Consults on Draft Delegated Regulation for OTC Derivatives Identifying Reference Data

A&O Shearman on 6/19/2024

The European Commission has published consultation for a draft Delegated Regulation supplementing the Markets in Financial Instruments Regulation as regards OTC derivatives identifying reference data to be used for the...more

Brussels Regulatory Brief: February 2024

K&L Gates LLP on 3/5/2024

Antitrust and Competition - The European Commission Carried Out Unannounced Inspections in the Tires Sector - On 30 January 2024, the Commission conducted dawn raids at the premises of several companies active in the tires...more

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

EU Regulations Restricting Imports of Renewable Natural Gas and Green Hydrogen Derivative Products

King & Spalding on 2/16/2024

The European Commission (EC) is in the process of implementing its “Union database” (UDB) to track all renewable gases and liquid fuels. Gases and fuels, whether produced in the EU or imported, will need to be registered in...more

Regulation Round Up - December 2023

Proskauer Rose LLP on 1/4/2024

Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in December 2023: 21 December - UK / Swiss Regulatory...more

A step closer to SFDR changes under ESAs’ Final Report

Proskauer - Regulatory & Compliance on 12/15/2023

On 4 December 2023 the European Supervisory Authorities (the “ESAs”) published their final report on updating the regulatory technical standards of the Sustainable Finance Disclosure Regulation (“SFDR Level 2”). The...more

EMIR - Proposed Changes to EU Derivatives Rules

Akin Gump Strauss Hauer & Feld LLP on 7/28/2023

European Union (EU) proposals for changes to the over-the-counter (OTC) derivatives trading rules are underway. The final rules are not yet agreed, but we set out a summary of the proposals below....more

Überarbeitung der AIFM- und UCITS-Richtlinie: Aktueller Stand und Ausblick

McDermott Will & Emery on 2/7/2023

EU-Kommission, Parlament und Rat treten in die entscheidende Phase ihrer Beratungen über eine Neufassung der AIFM- und der UCITS-Richtlinie ein. Änderungen sind insbesondere bei den Themen Auslagerung, Darlehensfonds und...more

Clearing in the EU after EU EMIR 3

A&O Shearman on 1/20/2023

The European Commission published proposals to amend the EU’s European Market Infrastructure Regulation (EMIR) in December 2022 (EMIR 3). According to the Commission, some of these measures are aimed at improving the...more

European Securities and Markets Authority Publishes Regulatory Technical Standards on Revised Commodity Derivative Clearing...

A&O Shearman on 6/15/2022

The European Securities and Markets Authority has published a final report and Regulatory Technical Standards on its proposed increase to the commodity derivative clearing threshold under the European Market Infrastructure...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

European Commission Decision Temporarily Establishes UK CCP Equivalence

A&O Shearman on 10/9/2020

The European Commission has published a Decision temporarily determining that U.K. central counterparties will be deemed equivalent to EU standards under the European Market Infrastructure Regulation. The Decision will apply...more

EMIR 2.2 Secondary Legislation Published

A&O Shearman on 10/9/2020

Three Commission Delegated Regulations have been published in the Official Journal of the European Union, supplementing the revised European Market Infrastructure Regulation. The Delegated Regulations contain provisions...more

UK Legislation Made to Onshore EMIR 2.2

A&O Shearman on 7/22/2020

The U.K. has published Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 to onshore the new EU regime for third-country CCPs...more

MiFID Refit - Commission Consults on Review of MiFID II Framework

Latham & Watkins LLP on 2/27/2020

The consultation provides a key opportunity for market participants to provide feedback on the regime. Key Points: ..The consultation covers a broad range of MiFID topics and, while framed as a questionnaire, contains...more

SFTR Alert: Buy-side reporting reprieve

Dechert LLP on 2/25/2020

A recent exchange of letters between the European Commission and ESMA and AIMA has confirmed that non-EU AIFs (irrespective of manager location) will not be subject to the SFTR reporting obligation, bringing welcome clarity...more

European Banking Authority Publishes Final Technical Standards for the Standardized Approach to Counterparty Credit Risk

A&O Shearman on 1/16/2020

The European Banking Authority has published final draft Regulatory Technical Standards governing the standardized approach to counterparty credit risk in derivatives transactions. The final draft SA-CCR RTS will supplement...more

EMIR Alert: Margin Clarity Ahead

Dechert LLP on 12/24/2019

Earlier this month, the ESAs published a final report on proposed updates to the existing EMIR margin rules (the “Margin RTS Updates”). Although not yet final, the absence of a public consultation and fast approaching...more

EU Consultation on Changes to Position Limits for Commodity Derivatives

A&O Shearman on 11/15/2019

Following its Call for Evidence issued in May this year, the European Securities and Markets Authority has launched a consultation on proposed revisions to the legal framework for position limits and position management in...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

EU Consultation on Clearing Service Provision under EMIR Refit

A&O Shearman on 10/14/2019

The European Securities and Markets Authority has opened a consultation on its draft technical advice on commercial terms for providing clearing services under the European Market Infrastructure Regulation. Responses to the...more

European Securities and Markets Authority Issues Call for Evidence on Product Intervention Measures

A&O Shearman on 10/10/2019

The European Securities and Markets Authority has issued a call for evidence on the impact of its product intervention powers prohibiting the marketing, distribution and sale of binary options to retail clients and imposing...more

European Commission Issues Communication on Final Preparations for No-Deal Brexit

A&O Shearman on 9/6/2019

The European Commission has published a Communication on finalizing preparations for the withdrawal of the U.K. from the EU on November 1, 2019. The Commission stresses the likelihood of a no-deal Brexit on October 31, 2019...more

Corporate and Financial Weekly Digest, Featuring Articles on the Latest CFTC Proposals for Swap Margins, Non-US Clearing...

Katten Muchin Rosenman LLP on 7/29/2019

BROKER-DEALER - CBOE Proposes Amendments to Rule 6.49A Concerning Off-Floor Position Transfers Including RWA Transfers - CBOE Exchange, Inc. (CBOE) recently filed a proposal to amend its Rule 6.49A to amend provisions...more

EMIR 2.1 Takes Effect Imminently: Implications for EU and Non-EU Asset Managers and Funds

Morgan Lewis on 6/12/2019

Following an assessment by the European Commission (the Commission) of how the European Market Infrastructure Regulation (EMIR) has been working since it entered into force on 16 August 2012 and the phasing in of its various...more

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