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    EC Amends OTC Derivative Rules in Preparation for No-Deal Brexit

    April 10, 2019

    EC published the Delegated Regulations 2019/564 specifying the date until which counterparties may continue to apply their risk-management procedures for certain over-the-counter (OTC) derivative contracts not cleared by a central counterparty (CCP). Also published was the Delegated Regulation 2019/565, which sets out the date at which the clearing obligation takes effect for certain types of contracts.

    Both the amending regulations shall enter into force on the day following that of their publication in the Official Journal of the European Union. These regulations will become applicable in the event of a no-deal Brexit. The Delegated Regulation 2019/564 amends the Delegated Regulation 2016/2251 supplementing European Market Infrastructure Regulation, or EMIR (Regulation No 648/2012). In addition, the Delegated Regulation 2019/565 amends Delegated Regulations 2015/2205, 2016/592, and 2016/1178 supplementing EMIR. 

     

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    Effective Date: April 11, 2019

    Keywords: Europe, EU, Banking, Securities, EMIR, OTC Derivatives, CCPs, Risk Management, Brexit, Withdrawal Agreement, Clearing Obligation, EC

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