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    ESMA Consults on Clearing Obligation Under EMIR

    July 11, 2018

    ESMA published a consultation paper on the clearing obligation under EMIR. The consultation paper deals with amending the draft regulatory technical standards on the treatment of intragroup transactions with a third-country group entity. The consultation seeks stakeholder views on a proposed extension of the temporary intragroup exemption and is open for feedback until August 30, 2018.

    The clearing obligation requires a range of interest rate and credit derivatives to be cleared. However, intragroup derivative transactions with a third-country entity, and where certain conditions are satisfied, currently do not have to be cleared due to a deferred application date in the Delegated Regulations on the clearing obligation. However, the deferred dates are soon approaching. The consultation paper sets out the reasons to extend these dates. ESMA will review the responses to this consultation to finalize the draft regulatory technical standards. The draft standards will then be submitted to EC for endorsement in the form of Commission Delegated Regulations.

     

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    Comment Due Date: August 30, 2018

    Keywords: Europe, EU, Securities, Clearing Obligation, EMIR, Regulatory Technical Standards, Intragroup Transactions, ESMA

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