The EP has removed the last obstacle to the EU derivatives reforms, setting in motion an implementation timetable beginning in mid-March 2013. Clifford Chance has produced an update of its illustrative timeline, showing when the obligations under EMIR could begin to apply.
On 7 February, the proposers withdrew the motion for the European Parliament to object to two regulatory technical standards (RTS) adopted by the Commission under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR). As a result, the Commission will now publish the RTS adopted by it under EMIR towards the end of February, which will then come into force 20 days after their publication.
Therefore, some of the EMIR obligations should begin to apply in mid-March 2013, although some obligations are deferred or subject to compliance schedules. Clifford Chance has produced an update of its illustrative timeline showing when the obligations under EMIR could begin to apply.
Link to timeline
© Clifford Chance
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