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14 April 2014

ESA(欧州証券監督機構)、EMIR(欧州市場インフラ規則)の技術的基準案について市中協議、意見受付期限は7月14日


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The European Supervisory Authorities launched a joint consultation on draft Regulatory Technical Standards outlining the framework of the European Market Infrastructure Regulation (EMIR).


These RTS cover the risk management procedures for counterparties in non-centrally cleared OTC derivatives, the criteria concerning intragroup exemptions and the definitions of practical and legal impediments. The consultation will allow gathering public views on how to ensure a proportionate implementation of the requirements, as well as any other specific aspects that need discussion.

For those over-the-counter (OTC) derivative transactions that will not be subject to central clearing, these draft RTS prescribe that counterparties apply robust risk mitigation techniques to their bilateral relationships, which will include mandatory exchange of initial and variation margins. This will reduce counterparty credit risk, mitigate any potential systemic risk and ensure alignment with international standards. These draft RTS elaborate on the risk-management procedures for the exchange of collateral and on the procedures concerning intragroup exemptions including the criteria that identify practical and legal impediments to the prompt transfer of funds.

Comments to this consultation can be sent through EBA's website by clicking on the "send your comments" button on the consultation page. The ESAs will hold a public hearing on the draft RTSs, which will take place at the EBA premises in London on 2 June 2014.

Press release

Full Consultation Paper

Consultation Form



© ESMA


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