On November 11, the European Securities and Markets Authority (ESMA) published three sets of technical advice on tiering, comparable compliance and fees charged to third-country central counterparties (TC-CCPs). The advice is directed towards the European Commission (EC) and concerns the revised European Market Infrastructure Regulation (EMIR 2.2).

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On September 13, the CFTC and European Commission issued a joint statement reaffirming their mutual commitment to transatlantic cooperation among regulators (Joint Statement). The Joint Statement was released following a September 5 meeting between CFTC Chairman Heath Tarbert and John Berrigan, Deputy Director General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA), European Commission.
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On February 18, the European Securities and Markets Authority (ESMA) published a press release confirming that it has adopted recognition decisions to permit three UK central counterparties (CCPs) to continue to provide CCP services to EU trading venues and EU clearing members following the United Kingdom’s withdrawal from the European Union on March 29 (Exit Day) in the event that no agreement on transitional arrangements is in place with the EU (no-deal Brexit).
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On June 12, the European Parliament (EP) issued a press release announcing its adoption in plenary of the proposed regulation to amend the European Market Infrastructure Regulation (EMIR) in respect of, among others, clearing, reporting and risk-mitigation techniques for over-the-counter derivatives contracts not cleared by a central counterparty (CCP).
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On June 13, the European Commission (EC) published a proposed amendment (Proposal) to the European Market Infrastructure Regulation (EMIR) aimed at enhancing the supervision of EU and non-EU based or “third-country” central counterparties (CCPs). The Proposal follows the suggested reforms to EMIR published in May 2017 (for further information, please see the Corporate & Financial Weekly Digest edition of May 5) and the announcement of the Futures Industry Association’s opposition to relocation requirement s for non-EU CCPs (for further information, please see the Corporate & Financial Weekly Digest edition of June 9).
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On June 6, the Futures Industry Association (FIA) published a letter addressed to European Commission (EC) Vice–President Valdis Dombrovskis, detailing its concerns about the potential approach of forced relocation of euro-denominated derivatives clearing to the European Union. Forced relocation was raised as an option for ensuring the protection of the financial stability and monetary policy of the European Union in the EC’s May 2017 communication on certain challenges for critical financial market infrastructures and for further developing the Capital Markets Union.
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On June 14, the European Securities and Markets Authority (ESMA) published an update to its list of third-country central counterparties (List of Third-Country CCPs) that are recognized under the European Market Infrastructure Regulation (EMIR) to offer services and activities in the European Union. The update includes the Chicago Mercantile Exchange, Inc. (CME), which was recognized as of June 13, 2016. Table 2 in the List of Third-Country CCPs sets out the classes of financial instruments covered under each CCP’s recognition.
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