23 April 2014

Stuart Clark

Stuart Clark - Impendium Systems

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EMIR RTS in force from 15 March

12 March 2013  |  1897 views  |  0

The Regulatory Technical Standards (RTS) under the European Markets Infrastructure Regulation (EMIR) were published on 23 February in the Official Journal.  They will therefore enter into force on 15 March.   This means that:

·         Trade Repositories can start applying for registration – it is anticipated that the first registrations will be approved in April - May 2013 with transaction reporting obligations starting as early as August 2013;

·         CCPs can start applying for authorisation to clear OTC derivative transactions – it is anticipated that the first authorisations will be approved from September 2013 with the first clearing obligations applying from summer 2014; and

·         Financial and non-financial counterparties must have in place risk mitigation techniques for OTC derivative contracts not cleared by a CCP - this includes the requirement for timely confirmation of such transactions, including reporting on a monthly basis any unconfirmed OTC derivative transactions that have been outstanding for more than five business days and marking-to- market any such transactions. 

There were six RTS published covering:

·         Minimum details of the data to be reported to trade repositories

·         Indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties and risk mitigation

·         Techniques for OTC derivatives contracts not cleared by a CCP

·         Details of the application for registration as a TR

·         Data to be published and made available by TRs and operational standards for aggregating, comparing and accessing the data

·         Capital requirements for CCPs

·         Requirements for CCPs

Below are links relating to the published RTS:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0001:0010:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0025:0032:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0025:0032:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0033:0036:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0037:0040:EN:PDF

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:052:0041:0074:EN:PDF

 

 

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Stuart Clark

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Product Development Director

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Impendium Systems

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