ESMA published a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regulation.
ESMA proposes to amend EMIR’s Delegated Regulations on the clearing obligation to prolong, by two years, the phase-in for financial counterparties with a limited volume of derivatives activity - those ones classified in Category 3 under EMIR Delegated Regulations.
This consultation paper seeks stakeholders’ views on a proposal to amend the phase-in period of the clearing obligation for financial counterparties with a limited volume of activity as established in several Commission Delegated Regulations on the clearing obligation under Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (the European Market Infrastructure Regulation).
The input from stakeholders will help ESMA in deciding whether to proceed and, if that is confirmed, in finalising the amending technical standards to be drafted and submitted to the European Commission for endorsement in the form of Commission Delegated Regulations, i.e. a legally binding instrument directly applicable in all Member States of the European Union. One essential element in the development of draft technical standards is the analysis of the costs and benefits that those legal provisions will imply. Input in this respect and any supportive data will be highly appreciated and kept confidential where required
The consultation closes on 5 September 2016 and ESMA will consider all received with a view to publishing a final report by the end of 2016.
Full consultation paper
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