Official Journal of the European Union

European Parliament and ECB Inter-Institutional Agreement on SSM in Force

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On November 7, the European Central Bank (ECB) updated its webpage on building a banking union to reflect the coming into force of the inter-institutional agreement (IIA).  The ECB has agreed with the European Parliament on cooperation on procedures related to the single supervisory mechanism (SSM).  The ECB also published a copy of the IIA, which will also be published in the Official Journal of the EU.

The UK Prime Minister has stated that the UK will not participate in the SSM.  ECB  webpage.  IIA.

EMIR Regulatory Technical Standards: Delegated Regulations Published

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On February 23, six delegated regulations containing regulatory technical standards relating to EMIR (Regulation 648/2012) were published in the Official Journal of the European Union.  The regulatory technical standards provide detailed information of requirements relating to OTC derivatives, central counterparties and trade repositories in the following areas:

  • clearing obligation;
  • reporting obligation;
  • risk mitigation requirements; and
  • registration requirements for central counterparties and trade repositories.

The regulatory technical standards will enter into force on March 15, 2013, (being 20 days from their publication in the Official Journal) and trigger the effective date of several key EMIR obligations, such as the requirement for financial and non-financial entities to confirm their non-centrally-cleared OTC derivative transactions on a timely basis.

ESMA has not yet released draft technical standards relating to the margin and capital requirements for non-centrally cleared trades.

Publication of Final Alternative Investment Fund Managers Directive

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On July 1, the Official Journal of the European Union published the final agreed text of the Alternative Investment Fund Managers Directive (AIFM Directive). The AIFM Directive creates a framework for subsequent rulemaking measures, which will be proposed by ESMA no later than November 16 and published in early 2012. The AIFM Directive will be effective on July 22 and EU member states will be required to transpose the AIFM Directive and such subsequent rulemaking provisions into national law by July 22, 2013. AIFM Directive.