On July 14, the European Commission (the Commission) adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts).
Continue Reading European Commission Adopts EMIR 2.2 Provisional Delegated Acts

On July 9, the European Commission (the Commission) published a communication to help national authorities, businesses and citizens prepare for the changes that will arise at the end of the Brexit transition period on December 31 (the Communication).
Continue Reading European Commission Publishes Communication on the Post-Brexit Transition Period

On March 24, a draft copy of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc. and Transitional Provision) (EU Exit) Regulations 2020 (the Regulations) was published and laid before Parliament with an explanatory memorandum.
Continue Reading UK Parliament Considers Draft Brexit Statutory Instrument Relating to EMIR

On February 26, Fabio Panetta, Executive Board Member at the European Central Bank (ECB), gave a speech on cross-border co-operation within the central counterparty (CCP) community. The speech was given at the Second Joint Bundesbank/ECB/Federal Reserve Bank of Chicago Conference on CCP Risk Management.
Continue Reading ECB Speech on Central Clearing

On December 23, 2019, the European Commission’s (EC) Implementing Decision, which grants temporary equivalence to UK central counterparties (CCPs), was published in the Official Journal of the European Union (EU). This means that the Implementing Decision became law on December 24, 2019.

Continue Reading European Commission Grants Temporary Equivalence to UK CCPs

On May 1, the Commodity Futures Trading Commission’s Division of Clearing and Risk and Office of the Chief Economist jointly issued, CCP Supervisory Street Tests: Reverse Stress Test and Liquidation Stress Test (Stress Test), which is a two-part report covering the results of 1) a reverse stress test of central counterparties (CCPs) or clearinghouses resources; and 2) an analysis of stressed liquidation costs.
Continue Reading CFTC’s Division of Clearing and Risk and Office of the Chief Economist Issue Clearinghouse Supervisory Stress Test Report

On April 4, two Commission Implementing Decisions (Amending Decisions) were published in the Official Journal of the European Union, amending the following December 20, 2018 equivalence decisions (Equivalence Decisions):

  • Implementing Decision (EU) 2018/2031, on the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs); and
  • Implementing Decision (EU) 2018/2030, on the temporary equivalence of the UK’s regulatory framework for central securities depositories (CSDs).

Continue Reading Equivalence for UK CCPs and CSDs Extended

On March 28, the European Securities and Markets Association (ESMA) published a statement updating market participants on its preparations for the United Kingdom’s withdrawal from the European Union, in the event of an agreement on transitional arrangements (Withdrawal Agreement) not being in place (No-Deal Brexit). ESMA’s update follows the European Council’s (EC’s) agreement to the UK government’s request to extend the United Kingdom’s withdrawal from the European Union (Brexit) to either April 12 if the House of Commons does not approve a Withdrawal Agreement by March 29, or to May 22 if it does.
Continue Reading ESMA Publishes Statement on Preparations Regarding Clearing and Settlement for a No-Deal Brexit

The Commodity Futures Trading Commission has announced that its Global Markets Advisory Committee (GMAC) will hold a meeting on April 15. The GMAC will hear presentations on how regulators are fulfilling the 2009 G20 directive regarding the OTC derivatives market. Specifically, the GMAC will examine the status of the four key pillars of the original