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EMIR introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market, and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).
The EBA is required to develop draft Regulatory Technical Standards (RTS) on these matters. This discussion paper analyses possible options that the EBA is currently considering for the development of these technical standards. Based on the responses received to this discussion paper, the EBA will prepare draft technical standards to be subject to consultation around summer 2012.
The European Securities and Markets Authority (ESMA) has published already a discussion paper on 16 February 2012 on the draft regulatory and implementing technical standards in respect to some of the requirements under the proposed EMIR. Further, the EBA jointly with the ESMA and the European Insurance and Occupational Pensions Authority (EIOPA) is today issuing a joint discussion paper on RTS related to risk mitigation techniques for OTC derivatives not cleared by a CCP, that they are required to draft jointly according to this Regulation.
The consultation will end on Monday, 2 April 2012, at 18:00 hrs CET.