ESMA & EMIR

ESMA Finalises Clearing and Risk Mitigation Obligations for Non-EU OTC Derivatives

The European Securities and Markets Authority (ESMA) has issued final draft regulatory technical standards (RTS) related to derivative transactions by non-European Union (EU) counterparties. The RTS implement provisions of the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR). ESMA Press Release: ESMA Finalises Clearing and Risk Mitigation Obligations for Non-EU OTC Derivatives.

ESMA Publishes RTS for Non-EU OTC Derivatives

On 18 November 2013, the European Securities and Markets Authority (ESMA) issued final draft regulatory technical standards (RTS) under EMIR regarding OTC derivative transactions entered into by non-EU counterparties. Regulatory Reform blog: ESMA Publishes RTS for Non-EU OTC Derivatives.

European Clearing Mandate Likely to Start in 2015 – Risk.net Poll

The majority of Risk.net readers now expect mandatory clearing for client trades to begin in Europe some time in 2015, putting the continent's derivatives users two years behind their counterparts in the US. Risk: European Clearing Mandate Likely to Start in 2015.

Futures Data Will Be Useless to Regulators Without Reporting Delay, Esma Warns

Esma responds to EC's 'intended rejection' of one-year postponement. Risk: Futures Data Will Be Useless to Regulators Without Reporting Delay, Esma Warns.

An Update on EMIR: ETD Reporting and Extraterritoriality Get Clarification

In the past week, two key events have occurred in the EMIR space. Firstly, ESMA responded to the Commission’s statement of intention not to allow a delay to the introduction of ETD reporting. Secondly, ESMA also finalised its draft technical standards on EMIR extraterritoriality. The effects of both should be good news for firms implementing EMIR, but there remain some uncertainties outstanding. RegTechFS: An Update on EMIR: ETD Reporting and Extraterritoriality Get Clarification.

MiFID I & II

Congratulations, You’ve (Almost) Reached Level 2

With the election of the European Parliament scheduled for May 2014, the Level 1 texts of MiFID II, MAD II and CSD Regulation are likely to be agreed before then. This means that next year will be all about drafting and agreeing the Level 2s for those laws. Regulation Matters Fidessa blog: Congratulations, You’ve (Almost) Reached Level 2.

Five Things to Watch as Mifid II Reaches Crunch Time

This week, the trio of European regulators – the European Commission, European Parliament and Council of the European Union – will convene for what many believe to be a critical meeting on the second version of the Markets in Financial Instruments Directive. Financial News: Five Things to Watch as Mifid II Reaches Crunch Time.

The Second Coming: MiFID II Due for Arrival

MiFID II is almost upon us. Expect it to be the topic of conversation very soon. So what do you need to know about it? Banking Tech: The Second Coming: MiFID II Due for Arrival.

Regulators Clash on Mifid Waivers

Some regulators and brokers have expressed fears that exemptions included in Mifid may mean European rules on trade execution are not equivalent to the US – but a key parliamentarian disagrees. Risk: Regulators Clash on Mifid Waivers.

Other European Regulation

 EU Set for Battle Over Rules for Securities Markets

A battle over the rules governing Europe's stock, bond, commodities and derivatives markets rachets up next week when the EU's financial services chief pushes for stricter controls which some member states say risk driving business away. Reuters:  EU Set for Battle Over Rules for Securities Markets.

 Pooled Funds in Clearing Limbo

Pension funds will not have to clear in Europe until at least mid-2015, but what about the vehicles some use to scale up their hedging transactions? As things stand, lawyers are giving different answers – and the industry wants regulators to clarify the issue. Risk:  Pooled Funds in Clearing Limbo.

EU Parliament Delays RRD

On 15 November 2013, the EU Parliament published an updated procedural file indicating that it will now consider the Recovery and Resolution Directive (RRD) legislative proposal at its plenary session due to be held from 24 to 27 February 2014, rather than at the session to be held from 3 to 6 February 2014, as was previously the case. Regulatory Reform blog: EU Parliament Delays RRD.