Mon, May 4, 2020
EMIR Margin Requirements Amended in Response to the COVID-19 Outbreak
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Update of Position Limits for Certain Commodity Derivative Contracts
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Period to Cover Absent Senior Managers Extended Due to COVID-19
May 06, 2020
ESMA Extends Registrations of Four Trade Repositories to Include SFTR
May 06, 2020
Regulatory Initiatives Grid
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Statement on How Firms Should Handle Post and Paper Documents
May 13, 2020
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May 14, 2020
ESMA sees Potential Decoupling of Financial Market Performance and Underlying Economic Activity
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The European Supervisory Authorities published proposals by way of a draft revised Regulatory Technical Standard (RTS) which, amongst other things, recommends a one-year deferral of the two implementation phases of the bilateral margining (risk mitigation techniques for non-centrally cleared OTC derivatives) requirements under the European Markets Infrastructure Regulation (EMIR). This intention to defer the application date was jointly agreed, following a decision by The Basel Committee on Banking Supervision (BCBS) and International Organization of Securities Commissions (IOSCO), in order to release operational capacity for counterparties in their response to the immediate impact of COVID-19.
This is a Final Draft of this RTS which still must still go through the trialogue process, so it’s provisions may change by the time it emerges as a Final RST at some future date. Recognizing the urgency of deferring the application date and implementing these revised provisions as soon as possible, the ESAs (ESMA, EBA and EIPOA) have indicated they expect NCAs to apply these proposed provisions now before the final RTS comes into force.
The effect of these changes is that covered counterparties with an aggregate average notional amount of non-centrally cleared derivatives of more than €50billion will now be subject to this requirement from September 1, 2021; whilst those with an average of more than €8billion will be subject to this requirement from September 1, 2022.
The joint draft RTS can be found here.
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