February 10, 2014

Weekly Roundup | European Regulation | 10 February 2014

EMIR Special Issue 2014

Reporting requirements for over-the-counter derivatives trades go into effect on Feb. 12 under the European Market Infrastructure Regulation. As companies prepare, they also look ahead to mandatory clearing and the reporting of valuation and collateral, which are set to begin in the third quarter. Bloomberg Brief: EMIR Special Issue 2014.


Will EMIR Be Yet Another Regulatory Failure by the EU?

The EMIR implementation is like pushing a round ball through a square hole. There is more and more evidence that EMIR is an incomplete set of regulation unable to be implemented by most corporates to the tight deadlines. It’s surely not beneficial for the EU treating its job creating community in this way. Treasury Peer: Will EMIR Be Yet Another Regulatory Failure by the EU?


ESMA says Kanpai! to Japanese Clearing

ESMA have issued a supplement to their 2nd September 2013 advisory on third country equivalence under EMIR. The September advice assessed the regulatory regime for CCP’s in Japan as fully equivalent in respect of transactions relating to; securities, currencies, interest rates, credit, weather and other indices. The 77 page supplement deals specifically with equivalence for Japanese Commodities CCP’s, detailing 20 points of comparison and concluding that the Japanese system is effectively equivalent to the Title IV requirements of EMIR. Regulatory Reform: ESMA says Kanpai! to Japanese Clearing.


Repo Comes Under the Microscope

On 29 January 2014, the EU Commission published a legislative proposal for a regulation on reporting and transparency of securities financing transactions[1] (SFTs) and associated FAQ document. Regulatory Reform: Repo Comes Under the Microscope.


EMIR Could Cause IT Chaos

Treasurers should brace themselves for severe IT problems, rather than fines, from the EMIR start, experts warn. However, the trade repositories are adamant that they will be able to cope. EuroTreasurer: EMIR Could Cause IT Chaos.


EC Bank Reforms Would Leave Lenders Unable to Hedge

European proposal limits risk management tools to clearable swaps only, preventing options-based hedges. Risk: EC Bank Reforms Would Leave Lenders Unable to Hedge.


Merkel Coalition Signals Retreat on Broad Financial-Market Tax

German Chancellor Angela Merkel’s coalition is ready to accept a levy on stock trades as part of a first step toward a European tax on all financial transactions amid resistance to a broader application. Bloomberg: Merkel Coalition Signals Retreat on Broad Financial-Market Tax.


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