Featured Product

    EC Defers Application of Clearing Obligation for OTC Derivatives

    April 29, 2019

    EC published the Delegated Regulation (EU) 2019/667 extending the dates of deferred application of the clearing obligation for certain over-the-counter (OTC) derivative contracts. Regulation 2019/667 amends the Delegated Regulations 2015/2205, 2016/592, and 2016/1178. Regulation 2019/667 shall enter into force on the day following that of its publication in the Official Journal of the European Union.

    Regulations 2015/2205, 2016/592, and 2016/1178 specify, among others, the effective dates of the clearing obligation for contracts pertaining to the classes of OTC derivatives set out in the Annexes to the Regulations. These Regulations laid down deferred dates of application of the clearing obligation for OTC derivative contracts concluded between the counterparties that are part of the same group and where one counterparty is established in a third country and the other counterparty is established in the Union. As stated in the relevant recitals of these Regulations, those deferred dates were necessary to ensure that such OTC derivative contracts were not subject to the clearing obligation before the adoption of an implementing act pursuant to Article 13(2) of European Market Infrastructure Regulation, or EMIR (EU No 648/2012).

    To date, no implementing act pursuant to Article 13(2) of EMIR has been adopted in relation to the clearing obligation. Therefore, the application of the clearing obligation to OTC derivative contracts should be further deferred for a defined period of time or until the adoption of those implementing acts. Regulations 2015/2205, 2016/592, and 2016/1178, therefore, have been amended accordingly. The first subparagraph in Article 3(2) of Regulations 2015/2205, 2016/592, and (2016/1178 has been replaced. In Regulations (EU) 2015/2205, (EU) 2016/592, and (EU) 2016/1178, the initial deferred dates of application were aligned with the date of application of the clearing obligation for counterparties in Category 4. Because the deferred dates of application should be further extended, that extension should also apply to Category 4 entities.

     

    Related Link: Regulation (EU) 2019/667

    Effective Date: April 30, 2019

    Keywords: Europe, EU, Banking, Securities, OTC Derivatives, EMIR, Clearing Obligation, Deferred Dates, Regulation 2019/667, EC

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480