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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/03/2013 2013/312 Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 Opinion PDF
151.67 KB
28/05/2014 2014/576 Voting Procedures for CCP colleges under EMIR Opinion PDF
94.15 KB
29/01/2015 2015/223 Opinion on draft RTS on the Clearing Obligation Opinion PDF
601.97 KB

Legal Basis According to Article 5(2) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), the European Securities and Markets Authority (ESMA) shall develop draft regulatory technical standards specifying the class of OTC derivatives that should be subject to the clearing obligation, the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies, and the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii) of EMIR. Background and Procedure On 1 October 2014, ESMA submitted a draft regulatory technical standard (RTS) on the clearing obligation to the European Commission pursuant to Article 10(1) of Regulation No (EU) 1095/2010 (the ESMA Regulation) and Article 5(2) of EMIR. This draft RTS covered Interest Rate Swaps. On 18 December 2014, the Commission informed ESMA of its intention to endorse with amendments this draft RTS and submitted to ESMA a modified version of the RTS (the “modified RTS”) introducing, among others, (1) amendments to the date on which the frontloading obligation starts to apply and (2) a new provision on the treatment of non-EU intragroup transactions. Pursuant to Article 10(1) of the ESMA Regulation, this notification from the Commission opens a period of six weeks during which ESMA may amend its draft RTS on the clearing obligation on the basis of the Commission’s proposed amendments and resubmit it to the Commission in the form of a formal opinion. ESMA has to send a copy of its formal opinion to the European Parliament and to the Council. In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has to adopt a formal opinion. Executive Summary ESMA agrees with the ultimate objectives of the modifications that the European Commission intends to introduce. However, ESMA considers that the tool proposed by the Commission for the matter related to the non-EU intra group transactions is not appropriate from a legal perspective and, in the case that the Commission intention is to define a later application date for those transactions, ESMA stands ready to explore, in coordination with the Commission, a different manner to incorporate that provision. ESMA backs the modifications on the frontloading section, though has a few observations and improvements with respect to several recitals. ESMA proposes to incorporate the suggestion of the Commission to deal with the application of the 8 billion threshold to investment funds for the definitions of types of counterparties as a specific provision in the text of the RTS.

09/03/2015 2015/511 Revised opinion on draft RTS on the clearing obligation on interest rate swaps Opinion PDF
336.52 KB
21/05/2015 2015/838 ESMA's opinion on the composition of CCP colleges under EMIR Opinion PDF
131.98 KB
01/02/2016 2016/174 Final Report on CSDR RTS on settlement discipline Report PDF
1.59 MB
01/02/2016 2016/174/Annex IV Impact assessment on CSDR RTS on settlement discipline Report PDF
1.39 MB
02/02/2016 2016/184-199 Opinions on Exemptions from the clearing obligation for pension schemes Opinion PDF
388.77 KB

Today’s document published by ESMA contains opinions on 16 UK-based pension schemes where the UK Financial Conduct Authority (FCA) is the competent authority for securities markets. After the exemptions are granted by the FCA, ESMA will publish the list of the types of entities/ arrangements that have been exempted.

13/04/2016 2016/592-594 Opinions on Pension Schemes Exemptions Opinion PDF
273.73 KB
30/06/2016 2016/998 Opinion on the exemption for Danish pension scheme Opinion PDF
227.83 KB
07/07/2016 2016/1073 Opinion on the exemption for Swedish pension scheme Opinion PDF
203.12 KB
03/08/2016 2016/1233 Opinion on the exemption for Danish pension scheme Opinion PDF
205.32 KB
04/10/2016 2016/1415 ESMA reporton on securities financing transactions and leverage in the EU , Report PDF
1.94 MB
15/11/2016 2016/1575 Opinion- Common indicators for new products and services under Article 15 and for significant changes under Article 49 of EMIR Opinion PDF
246.48 KB
22/12/2016 2016/1683 Peer Review on CCPs' Margin and Collateral requirements Report PDF
543.98 KB
16/01/2017 ESMA03-445018618-8 Opinion on the exemption from the clearing obligation of Swedish pension schemes- Notification Ref. 23 Opinion PDF
203.07 KB
16/01/2017 ESMA03-445018618-7 Opinion on the exemption from the clearing obligation of Swedish pension schemes- Notification Ref. 21 Opinion PDF
135.73 KB
18/01/2017 ESAS-2017-82 Report on the functionning of the CRR with the related obligations under EMIR Report PDF
602.75 KB
25/01/2017 ESMA70-708036281-13 Exemption from the clearing obligation for pension schemes 24 Opinion PDF
199.19 KB
23/03/2017 ESMA70-708036281-8 Final Report on guidelines on participant default rules and procedures under CSDR Report PDF
608.18 KB