Following the last meeting of the Working Party, the Presidency is in a position to present the following summary of the main outstanding issues:
1. Scope of the clearing requirements
In accordance with the latest Presidency compromise proposal, bilateral or central clearing requirements are imposed to derivatives contracts irrespective of whether they are concluded on the over-the-counter markets or not. Some delegations are considering the precise impact of this approach.
2. Competent authorities for authorisation and ongoing supervision and oversight
The opinions diverge on whether ESMA or the competent authority of the Member State where the central counterparty is established should have a more dominant and decisive role in the authorisation and ongoing supervision of the central counterparty. Furthermore, the opinions also diverge on how this Regulation proposal should take into account the oversight competencies of the members of the ESCB in this respect. Comparable divergences exist, although to a lesser extent, with regard to trade repositories and to third-country entities.
3. Elaboration of technical standards
The proposal to involve the members of the ESCB in the elaboration of the technical standards, thus reflecting EU central banks' competencies and existing practices, is under scrutiny.
© European Parliament
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article