Katten hosts a weekly, 15-minute fireside chat podcast series on notable UK and European developments from the prior week’s Corporate & Financial Weekly Digest. This week, Carolyn Jackson speaks on the obligation of financial counterparties (FCs) to mandatorily report OTC derivatives transactions on behalf of their non-financial counterparties (NFCs)-counterparties commencing June 18, 2020; Nathaniel

On April 27, five industry trade associations, including the International Swaps and Derivatives Association, the Association for Financial Markets in Europe, the Asia Securities Industry and Financial Markets Association, the Global Financial Markets Association and the Securities Industry and Financial Markets Association published a joint letter (the Letter) to the European Securities and Markets Authority (ESMA) regarding the effective date for the commencement of the mandatory delegated reporting obligation for financial counterparties (FCs) under the EMIR Refit Regulation (EMIR Refit) in light of the COVID-19 pandemic.
Continue Reading ISDA Letter to ESMA on Mandatory Delegated Reporting under EMIR Refit

On October 31, the European Securities and Markets Authority (ESMA) published a statement clarifying firms’ clearing and trading obligations in light of current derogations and phase-in periods ending on December 21, allowing for regulatory forbearance.

ESMA explains that, under the European Market Infrastructure Regulation (EMIR), both the current derogation from the clearing obligation for certain intragroup transactions concluded with a third-country group entity and the phase-in for non-financial counterparties (NFCs) in Category 4 (“NFCs+), expire on December 21, for the interest rate derivative classes denominated in the G4 currencies subject to the clearing obligation.
Continue Reading ESMA Publishes Statement Clarifying Clearing and Trading Obligations Ahead of December Deadline