Featured Product

    ESMA to Extend Date of Clearing Obligation for Intragroup Transactions

    September 27, 2018

    ESMA published its final report on the regulatory technical standards on clearing obligation under the European Market Infrastructure Regulation (EMIR). The draft regulatory standards relate to the deferred date of application for the treatment of certain intragroup transactions concluded with a third-country group entity. ESMA has sent the draft regulatory standards to EC for endorsement.

    The following are the three Commission Delegated Regulations on the clearing obligation that mandate a range of interest rate and credit derivative classes for clearing:

    • Commission Delegated Regulation (EU) 2015/2205 regarding interest rate derivative classes
    • Commission Delegated Regulation (EU) 2016/592 regarding credit derivative classes
    • Commission Delegated Regulation (EU) 2016/1178 regarding interest rate derivative classes

    These regulations contain a deferred date of application of the clearing obligation for intragroup transactions that satisfy certain conditions, and where one of the counterparties is in a third country, in the absence of the relevant equivalence decision. With the deferred dates soon approaching and, in the absence of implementing acts on equivalence on the legal, supervisory, and enforcement framework of a third country under Article 13(2) of EMIR in respect of the clearing obligation, ESMA proposes to prolong these exemptions for a very limited period of time. ESMA, with the first deferred deadline approaching on December 21, 2018, aims to find the right balance between the objective of a temporary exemption and the need to contain the risk of unintended consequences with respect to objectives of EMIR by deferring the date of application for two years (to December 21, 2020). In seeking to ensure simplicity, ESMA also proposes to align the date of extension for the three relevant Commission Delegated Regulations to December 21, 2020 in case no equivalence decision has been adopted. 

     

    Related Links

    Keywords: Europe, EU, Securities, Clearing Obligation, Regulatory Technical Standards, Intragroup Transactions, Third Country, Equivalence, ESMA 

    Related Articles
    News

    APRA Finalizes Prudential Standard for Credit Risk Management of Banks

    APRA updated the prudential standard on credit risk management requirements (APG 220) for authorized deposit-taking institutions, post a public consultation.

    December 12, 2019 WebPage Regulatory News
    News

    APRA Issues Operational Risk Rules, Consults on Reporting Requirements

    APRA published an updated prudential standard APS 115 that sets out operational risk requirements for authorized deposit-taking institutions in Australia.

    December 11, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on European Benchmarks Regulation in December 2019

    ESMA updated the question and answers (Q&A) document on the European Benchmarks Regulation.

    December 11, 2019 WebPage Regulatory News
    News

    APRA Decides to Keep Countercyclical Capital Buffer for Banks at 0%

    APRA announced its decision to keep the countercyclical capital buffer (CCyB) for authorized deposit-taking institutions on hold at zero percent.

    December 11, 2019 WebPage Regulatory News
    News

    FED Extends Consultation Period for Capital Requirements for Insurers

    FED is extending comment period for the proposed rule establishing risk-based capital requirements for depository institution holding companies that are significantly engaged in insurance activities.

    December 10, 2019 WebPage Regulatory News
    News

    OSFI Sets Domestic Stability Buffer Level at 2.25%

    OSFI has set the Domestic Stability Buffer, or DSB, at 2.25% of total risk-weighted assets, with effect from April 30, 2020.

    December 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting by Banks

    EBA published a revised list of validation rules in its implementing technical standards on supervisory reporting.

    December 10, 2019 WebPage Regulatory News
    News

    SRB Holds Annual Conference, Reflects on Turning Policy into Action

    SRB published a report on its fourth annual conference that was held on October 10, 2019 in Brussels.

    December 10, 2019 WebPage Regulatory News
    News

    APRA Specifies Capital Treatment of Equity Investments in ABGF

    APRA published a letter to the authorized deposit-taking institutions outlining the regulatory capital treatment of their equity investments in the Australian Business Growth Fund (ABGF).

    December 09, 2019 WebPage Regulatory News
    News

    EBA Updates Guidelines on Reporting of Funding Plans of Banks

    EBA updated the guidelines on harmonized definitions and templates for the reporting of funding plans of credit institutions.

    December 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4305