ESMA launched consultation on EMIR

16 February 2012

The first part of the paper focuses on the clearing obligation, risk mitigation techniques for contracts not cleared by a CCP and exemptions to certain requirements. The second part focuses on CCP requirements, where a number of provisions need to be specified through technical standards.

The third part covers trade repositories and in particular the content and format of the information to be reported to trade repositories, the content of the application for registration to ESMA and the information to be made available to the relevant authorities.

Following this discussion paper, ESMA will prepare draft technical standards that will “most likely be published around summer 2012". ESMA also announced a public hearing on 6 March to gather input before the comment period closes. The European Banking Authority (EBA), European Insurance and Occupational Pensions (EIOPA) and ESMA are expected to issue a joint discussion paper on regulatory technical standards in “the coming weeks”. Finally, the EBA is also expected to issue in the coming weeks a discussion paper on draft regulatory technical standards on capital requirements for CCPs.

The deadline for comment is 19 March.

Press release

Public hearing


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