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07 February 2019

EU(欧州連合)議会と欧州連合理事会:OTC(店頭)デリバティブ規制の負担軽減を図るための見直しについて政治合意


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The EU Parliament and states reached political agreement on rules applying to non-financial counterparties, small financial counterparties and pension funds using financial derivative products.


The targeted reform of the European Market Infrastructure Regulation (EMIR) introduces simpler rules for derivatives, which is expected to reduce costs and regulatory burdens for market participants.

That regulation was adopted following the financial crisis to better manage and monitor the risks arising from derivatives markets for financial stability. The reform now agreed will provide simpler and more proportionate rules for over-the-counter derivatives.

"In the aftermath of the financial crisis, the EU put in place a solid and effective framework for bringing more transparency and reducing systemic risk in the derivative markets," said Romania's finance minister Eugen Teodorovici, for the EU presidency: "Today, we agreed targeted adjustments that will preserve all the core elements of the reform, whilst simplifying the rules and making them more proportionate."

In order to increase the efficiency of the regulatory framework, the text agreed by the co-legislators introduces a new category of "small financial counterparties" which will be exempted from the obligation to clear their transactions through a central counterparty (CCP), while remaining subject to risk mitigation obligations. In the same way, smaller non-financial counterparties will have reduced clearing obligations. The text also extends by another two years (further extendable twice by an additional year) the temporary exemption from the clearing obligation of pension scheme arrangements.

As regards reporting obligations, the regulation will streamline existing rules in order to improve the quality of the data reported and make the supervision more effective: it will remove the obligation to report historic data ("backloading") as well as intragroup transactions involving non-financial counterparties.

Finally, the regulation aims to create incentives and increase access to clearing by removing existing unnecessary obstacles. In particular, the text introduces an obligation on clearing brokers to provide services on fair, reasonable, non-discriminatory and transparent commercial terms ("FRAND") by ensuring in particular transparency on fees as well as unbiased and rational contractual arrangements.

Full article

Planned actions relating to Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories



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