The European Market Infrastructure Regulation (EMIR) imposes clearing and risk mitigation obligations on firms trading in the European Economic Area. On May 4, the Joint Committee of European Supervisory Authorities (ESAs) published two consultation papers in relation to the interaction of the Securitization Regulation (SR) with those obligations under EMIR, specifically:

  1. A consultation paper with respect to amending the existing regulatory technical standards (RTS) on risk mitigation techniques for over-the-counter (OTC) derivative contracts not cleared by a central counterparty under EMIR in light of simple, transparent and standardized (STS) securitizations under the SR; and
  2. A consultation paper regarding amendments to the RTS for the EMIR clearing obligation under the SR, with a particular focus on analysis of the costs and benefits of the legal provisions of the draft RTS in the consultation paper.

The consultation paper on EMIR risk mitigation techniques for uncleared OTC derivatives in light of STS securitizations under the SR is available here.

The consultation paper on amendments to the EMIR clearing obligation under the SR is available here