ESMA publishes today a discussion paper on draft technical standards for the EU regulation on OTC derivatives, CCPs and trade repositories.
This discussion paper seeks stakeholders views on the regulatory and implementing technical standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR) as agreed at the Trilogue meeting of 9 February 2012 (the Regulation).
This discussion paper follows the structure of EMIR, with the first section focusing on OTC derivatives and in particular the clearing obligation, risk mitigation techniques for contracts not cleared by a CCP and exemptions to certain requirements.
The second part focuses on CCP requirements, where a number of provisions need to be specified through technical standards. The third part deals with trade repositories and in particular the content and format of the information to be reported to trade repositories, the content of the application for registration to ESMA and the information to be made available to the relevant authorities.
ESMA will organise a public hearing before the end of the consultation period to give an opportunity to interested stakeholders to express their preliminary views and to get early feedback.
As provided for by Regulation No 1095/2010 of the European Parliament and Council establishing ESMA, a public consultation will be conducted on the draft technical standards before they are submitted to the European Commission for endorsement in the form of Commission Regulations. The date of publication of such consultation paper and the commenting period will depend on the date of publication of the Regulation in the Official Journal. It is expected to take place around summer 2012.Download the document now 709.4 kb (PDF File)