To avoid disruption to international financial markets and to prevent penalizing institutions by subjecting them to higher own funds requirements during the processes of recognition of existing third-country central counterparties (CCPs), the EC is extending the transitional periods related to own funds requirements for exposures to central counterparties.
EC published, in the Official Journal of the European Union, the Commission Implementing Regulation CIR 2017/954, which extends the transitional periods related to own funds requirements for exposures to central counterparties. The fifteen-month periods referred to in Article 497(2) of the Capital Requirement Regulation (CRR or Regulation (EU) No 575/2013) and the second subparagraph of Article 89(5a) of European Markets Infrastructure Regulation (EMIR or Regulation (EU) No 648/2012), respectively, as last extended in accordance with Article 1 of the Implementing Regulation (EU) 2016/2227, are being extended by an additional 6 months until December 15, 2017. The measures provided for in CIR 2017/954 are in accordance with the opinion of the European Banking Committee. This regulation shall enter into force on the third day following that of its publication in the Official Journal of the European Union.
Effective Date: June 10, 2017
Keywords: Banking, Securities, Europe, EC, EMIR, Own Funds, CCPs
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