On December 19, 2012, the European Commission adopted nine regulatory and implementing technical standards to complement obligations defined under the European Markets Infrastructure Regulation on OTC derivatives, central counterparties and trade repositories. The adoption of the technical standards finalizes requirements for the mandatory clearing and reporting of OTC derivatives transactions. The technical standards will be effective 20 days after publication in the EU Official Journal. EC Release.
Tag Archives: OTC derivatives
CFTC and International Regulators Issue Joint Statement on OTC Derivatives Market
On December 4, the CFTC and over-the-counter (OTC) derivatives market regulators from Australia, Brazil, the EU, Hong Kong, Japan, Ontario, Quebec, Singapore and Switzerland issued a joint press statement outlining plans for cross-border rules for OTC derivatives. The statement, which originated from a private meeting of regulators, discusses international plans for improving transparency and protecting against market abuse, specifically preventing regulatory gaps, reducing the potential for arbitrage opportunities and fostering a level playing field for market participants, intermediaries and infrastructures. Joint Press Statement.
ESMA Proposed Rules on Derivatives, Central Counterparties and Trade Repositories
On June 25, the European Securities and Markets Authority (ESMA) issued a consultation paper containing draft Regulatory Technical Standards and draft Implementing Technical Standards, which set out specific details of how the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR) will be implemented. A public hearing will be held on July 12, and comments on the paper must be submitted by August 5. Press Release. Consultation Paper.