The European Securities and Markets Authority has notified the European Commission to inform it that it has not submitted its draft MiFIR RTS on exchange-traded derivatives in order to ensure consistency with the EMIR RTS on the indirect clearing of OTC derivatives.
Through the consultations, stakeholders have unanimously raised a series of important concerns. In order to address these concerns, it is necessary to develop alternative requirements for both OTC derivatives and exchange-traded derivatives than those requirements set in the EMIR RTS. ESMA has since developed a new set of requirements for indirect clearing arrangements that takes into consideration this feedback.
In the interest of preserving the smooth and orderly functioning of the markets, ESMA is of the opinion that amendments to the EMIR RTS need to be considered. ESMA thus intends to conduct a consultation on the possible amendments to the EMIR RTS that would be consistent with the requirements as envisaged for the draft MiFIR RTS.
Full letter to Commissioner Hill
© ESMA
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