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EMIR

This category contains 301 posts

IOSCO finds satisfactory progress in rules implementation

On Monday, the International Organisation of Securities Commissions (IOSCO) published this report, providing the results of the latest survey run across different global jurisdictions on the implementation of the ” Principles for the Regulation and Supervision of Commodity Derivatives Markets”, a document published here in September 2011. This third version of the survey published shows … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

5 months to Brexit – EMIR announcements, the US joins the fight, UK ETS replacement

In 5 months’ time, the UK will no longer be part of the European Union. With no deal agreed at this stage, many are now preparing for a “hard Brexit” scenario. There have been a few developments since our last post on the topic here. EMIR The UK Government has now published a draft Statutory … Continue reading

Large default in Nordic power market

Nasdaq has announced a default on the Nordic Commodities market in this notice, which has been followed by this statement identifying the defaulting party as Einar Aas, a private trader. There will be a contribution call for 100 million Euros in total to the default fund that will be made from clearing members. The losses have … Continue reading

We’re back – FCA research note into EMIR FC thresholds

We are back after a short break for the summer. Last week, the UK’s Financial Conduct Authority published this research note into the thresholds used in EMIR for Financial Counterparties (FC) for two purposes: The threshold used to determine when smaller FCs need to start mandatory clearing. The threshold used for the start of the … Continue reading

Updated EMIR validations

ESMA has updated the spreadsheet that defines that validations used for EMIR reporting. The updated sheet can be found here. The changes will apply from 5th November. The following fields have been changed: Reporting timestamp  (1.1) Reporting Counterparty ID (1.2) ID of the other counterparty (1.4) (i.e. the other party) Underlying identification (2.8) Confirmation means … Continue reading

EMIR: New Q+A and movement in REFIT

Updated EMIR Questions and Answers document ESMA yesterday released this updated version of the questions and answer document relating to EMIR. The key answer of interest is TR 40 on page 96, which provides updated answers on how to handle a change of LEI (Legal Entity Identifier) on an entity. The scenarios on page 107 … Continue reading

LEI use – speech by ESMA

Yesterday Verena Ross, ESMA Executive Director gave this speech on the use of Legal Entity Identifiers(LEI), in particular with reference to MiFID II. This follows the announcement last week that LEIs must be used for all reporting from 3rd July, the 6 month anniversary of the start of MiFID II, following an initial extension (see here). … Continue reading

EMIR changes agreed and news about penalties

The European Parliament has agreed in a plenary session to the proposed changes  to EMIR as part of the REFIT process, passed by the ECON committee a few weeks ago (see here). The agreed document will be used to represent the stance of the Parliament in the “Trialogue” process in the coming weeks. The press … Continue reading

Possible ACER change in authority, ESMA speech, and a course

The European Council yesterday agreed its position to update and increase the role of the Agency for the Coordination of Energy Regulators (ACER), who are, amongst other things, responsible for many parts of REMIT, including data collection and cross market monitoring, as well as other areas such as network codes. The press release from the … Continue reading