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On February 22, the European Securities and Markets Authority (ESMA) published its final report on guidelines to clarify common procedures and methodologies for the supervisory review and evaluation process of central counterparties (CCPs) by their national competent authorities (NCAs) (the Report).

The proposed guidelines addressed in the Report by ESMA include:
Continue Reading ESMA Publishes Guidelines on Supervisory Review and Evaluation Process of CCPs

On January 27, Allison Herren Lee, the acting chair of the Securities and Exchange Commission, announced the European Commission’s (EC) adoption of an equivalence decision, stating that the SEC’s regulatory framework applicable to central counterparties (CCPs) that are “covered clearing agencies” under SEC rules is equivalent to relevant European legal and regulatory requirements.
Continue Reading European Commission Adopts Equivalence Decision With Respect to SEC Regulatory Framework for Central Counterparties

On January 7, the Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (ESMA) announced the signing of an Enhanced Memorandum of Understanding (MOU) regarding cooperation and the exchange of information with respect to certain registered derivatives clearing organizations established in the United States that are central counterparties (CCPs) recognized by ESMA under the European Market Infrastructure Regulation.
Continue Reading CFTC and ESMA Sign Enhanced MOU Related to Certain Recognized Central Counterparties

On December 30, 2020, HM Treasury (HMT) announced that the open access regime for exchange-traded derivatives (ETDs) introduced by the Markets in Financial Instruments Regulation (MiFIR) will continue to apply in the United Kingdom following the end of the transition period on December 31, 2020.
Continue Reading HMT Announces Open Access Regime for Exchange Traded Derivatives

On November 9, the Chancellor of the UK’s HM Treasury announced its intention to provide equivalence decisions to European Economic Area (EEA) States and Member States of the European Union (EU) that will come into effect at the end of the Brexit transition period (the Announcement).
Continue Reading HM Treasury Announced Equivalence Decisions for EEA and EU Member States

On October 20, the Commodity Futures Trading Commission and the Bank of England (BoE) announced that they had signed an updated Memorandum of Understanding (MOU) regarding the cooperation and exchange of information to preserve the benefits of cross-border clearing activity. The MOU emphasizes the importance of supervision of central counterparties (CCPs) and clarifies that the…

On October 19, the European Securities and Markets Authority (ESMA) published a consultation paper on draft regulatory technical standards (RTS) concerning central counterparties (CCPs) under Regulation (EU) 2019/2099 (EMIR 2.2) (the Consultation Paper).
Continue Reading ESMA Publishes Consultation Paper on Draft RTS Relating to CCPs

On September 21, the European Commission (Commission) adopted a time-limited decision to provide financial market participants 18 months within which they should reduce their exposure to UK central counterparties (CCPs) (the Decision).
Continue Reading EU Commission Adopts Time-Limited Decision for Continued Access to UK Central Counterparties

On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter (No-Action Letter 20-23) providing additional relief to swap dealers (SDs) and other market participants related to the industry-wide initiative to transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to swaps that reference alternative benchmarks.
Continue Reading CFTC No-Action Letter 20-23: CFTC Provides Additional Relief to Market Participants Transitioning from LIBOR