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EMIR, Uncategorized

EMIR news

Earlier this week, ESMA released an updated questions and answers document on EMIR, which can be found here. It contains one new set of answers on page 121 on how scheduled and unscheduled maintenance of TRs should be handled.

Last week, the European Parliament issued this report specifying their desired changes to be undertaken as part of the EMIR review, for which the Commission issued a legislative proposal in December, as outlined in this previous post. It differs from the legislative proposal in several ways including:

  • It keeps to the original proposal that internal deals should not be reported under EMIR if either party is an NFC including in third countries.
  • It keeps the change regarding who reports an ETD to be the CCP.

The changes are expected to go into effect in stages, later this year, and next year.

 

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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