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30.11.2015 | KPMG Law Insights

Derivate – Insights – Derivatives | Edition No. 5/2015

Dear readers,

As the end of the year is approaching, the European Union’s effort to progress with the regulation of derivative markets seems to even increase.

With the adoption of the proposal of the SFT-Regulation by the European Parliament the developments concerning the regulation of securities financing transactions (SFTs) is gaining speed. The publication in the official journal of the EU could take place as early as the beginning of next year.

Meanwhile, the European institutions and, in particular, ESMA are struggling to finalize MiFID2/MiFIR with the national legislators following at their heels. In the end of September ESMA published a final report including 27 RTS and one ITS, which also concern the regulation of OTC-derivatives.

But even with the focus shifting considerably to MiFID2/MiFIR, the implementation of EMIR is progressing as well. Recently, ESMA proposed a clearing obligation for certain index CDS and certain additional fixed-to-float interest rate swaps.

To obtain an overview of the developments, please find below our summary of the most relevant news concerning derivatives.

Sincerely yours,

Andres Prescher

EC

European Parliament adopts Commission proposal of SFT-Regulation

On 29 October 2015 the European Parliament (EP) has adopted the compromise text of the regulation on reporting and transparency of securities financing transactions (Securities Financing Transactions Regulation, SFTR). As a next step the compromise text has to be approved by the European Council (EC) before being published in the official journal of the European Union.

The SFTR aims at improving the transparency of securities financing transactions (e.g. repurchase agreements, securities lending) in the shadow banking sector by introducing reporting obligations, mandatory disclosure of certain information and transparency requirements regarding the reuse of collateral.

Please find here the press release.

ESMA

ESMA publishes Technical Standards on MiFID2/MiFIR

The European Securities and Markets Authority (ESMA) has published on 29 September 2015 its final Technical Standards (TS) on the Markets in Financial Instruments Directive/Regulation (MiFID II/MiFIR).

The final report includes 28 draft TS (27 Regulatory Technical Standards (RTS) and one Implementing Technical Standard (ITS)). The majority of the TS (26 of 28) concerns market infrastructure and market transparency issues. The other two TS relate to investor protection issues. Regarding commodity derivatives, among other topics, RTS 20 specifies the scope of the exemptions for ancillary activities.

The published TS are submitted to the European Commission (EC) by ESMA. The EC is supposed to decide within three months after their submission whether to endorse them.

Please find here the press release.

ESMA

ESMA adds certain index CDS and IRS to central clearing obligation

On 2 October 2015 the European Securities and Markets Authority (ESMA) has published its final report regarding the clearing obligation of credit derivatives. This report covers certain classes of credit derivatives. It includes the final version of the draft Regulatory Technical Standard (RTS) for the clearing of Credit Default Swaps (CDS) which now is submitted to the European Commission (EC) for endorsement.

The draft RTS defines the types of CDS contracts which shall be subject to central clearing, the types of counterparties covered by the obligation and the dates by which central clearing of CDS will become mandatory. The draft RTS subjects the following iTraxx Index CDS to the clearing obligation:

  • Untranched iTraxx Index CDS (Main, EUR, 5Y); and
  • Untranched iTraxx Index CDS (Crossover, EUR, 5Y).On 11 November 2015 ESMA has published another draft RTS on the central clearing of Interest Rate Swaps (IRS). ESMA proposes to expand the clearing obligation to fixed-to-float interest rate swaps denominated in Norwegian Krone, Swedish Krona and Polish Zloty. The EC is supposed to take the decision whether to endorse the RTS within three months after their submission.

Please find here the press release.

ESMA

ESMA publishes 14th update to its EMIR implementation Q&As

On 1 October 2015 the European Securities and Markets Authority (ESMA) published the 14th update of its Q&A document on the implementation of the European Markets Infrastructure Regulation (EMIR). The Q&As provide answers and guidance related to questions received regarding the implementation of EMIR.

This update gives, in particular, guidance on the reaction of trade repositories (TRs) and central counterparties (CCPs) in case the Legal Entity Identifier (LEI) of a counterparty changes after a derivative transaction has been reported. Such change of the LEI might, e.g., happen due to a merger or acquisition or in case the identifier of the CCP has to be updated from Business Identifier Code (BIC) or other code to LEI.

Please find here the press release.

ESMA

ESMA publishes updated list of CCPs

On 4 November 2015 ESMA has published an update of its List of Central Counterparties (CCPs) which are authorized under the European Markets Infrastructure Regulation (EMIR). The CME Clearing Europe has been authorized to extend its activities and services to clear futures on European Union allowances.

Please find here the press release.

ESMA

ESMA delays the submission of RTS on indirect clearing under MiFIR

The European Securities and Markets Authority (ESMA) has on 2 October 2015 notified the European Commission (EC) that it has not submitted its draft Regulatory Technical Standard (RTS) on exchange-traded derivatives under the Markets in Financial Instruments Regulation (MiFIR). The reason for this delay is to ensure the consistency of the respective RTS under MiFIR with the RTS on the indirect clearing of OTC derivatives under the European Markets Infrastructure Regulation (EMIR).

 The RTS on indirect clearing of OTC derivatives and for exchange-traded derivatives share the same objective of specifying the types of indirect contractual arrangements which do not increase counterparty risk and ensure the assets and positions of the counterparty benefit from the protection with equivalent effect as referred to in Art. 39 and 48 EMIR.

ESMA explains that during the public consultations on the draft MiFIR RTS on indirect clearing for exchange-traded derivatives a series of important concerns have been raised. These concerns also affect the EMIR RTS on indirect clearing of OTC derivatives. Therefore, ESMA recommends to develop aligned requirements for both OTC derivatives and exchange-traded derivatives.

ESMA launched consultations on this matter on 5 November 2015 and is seeking stakeholders’ comments by 17 December 2015. The final RTS are expected to be delivered in the beginning of 2016.

Please find here the press release regarding the delay and the press release regarding the consultation.

ESMA

ESMA publishes responses to the consultation on review of EMIR standards relating to CCP client accounts

The European Securities and Markets Authority (ESMA) has published on 2 October 2015 the responses received to the Consultation on the review of Article 26 of Regulatory Technical Standard (RTS) 153/2013.

Article 26 of RTS 153/2013 deals with central counterparties’ (CCPs) client accounts. One essential element of the consultation is the analysis of the costs and benefits the respective legal provisions will imply. ESMA was specially seeking input in this respect.

The public consultation started on 28 August 2015 and ended on 30 September 2015.

Please find here the press release.

ESMA

ESMA publishes Work Programme for 2016

The European Securities and Markets Authority (ESMA) has published on 29 September 2015 its Work Programme for 2016. ESMA announced that in 2016 the focus will shift increasingly from rulemaking to implementation.

Among other tasks the Work Programme includes several issues regarding the European Markets Infrastructure Regulation (EMIR), such as:

  • Clearing obligation under EMIR: ESMA plans to continue its work on the determination of the classes of OTC derivatives to be subject to the clearing obligation. Regulatory Technical Standards (RTS) on the clearing obligation and on central counterparty (CCP) requirements are supposed to be published in Q4 of 2016.
  • Supervisory co-operation: ESMA will continue its work with other European Supervisory Authorities (ESAs). Concerning EMIR, the Joint Committee will produce, among other subjects, draft RTS on EMIR and the BCBS-IOSCO framework.
  • EMIR convergence reports and CCP colleges: ESMA will monitor the implementation of EMIR via delivering an annual report, two peer reviews and a stress test on CCPs.
  • Third-country CCPs and Central Securities Depositories: ESMA will continue its work on the development of equivalence of third countries by recognition of third-county CCPs providing clearing services in the European Union.
  • Trade Repositories (TR): For the supervision of TRs, ESMA has the right to require information, to conduct general investigations and on-site inspection and, if needed, to take enforcement measures. In this regard ESMA announced to define the annual supervisory strategy and an annual report and the execution of it by Q4 of 2016.

Please find here the press release.

ESMA

ESMA publishes translations of its guidelines on the application of definitions C6 and C7 under MiFID I

On 21 October 2015 the European Securities and Markets Authority (ESMA) has published translations of the guidelines on the application of the definitions of commodity derivatives and their classification under C6 and C7 of Annex 1 of MiFID I. The guidelines explain ESMA’s view on how to apply the definitions included in Annex 1 of MiFID I.

Please find here the press release.

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