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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/05/2016 2016/730 Opinion on draft RTS 20 on ancillary activity Opinion PDF
148.29 KB
02/05/2016 2016/668 Opinion on draft RTS 21 position limits Opinion PDF
152.8 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.

05/04/2017 ESMA70-151-222 Opinion on EC porposal for CCP recovery and resolution regulation Opinion PDF
321.52 KB
27/05/2019 ESMA70-156-478 Opinion on market size calculation Opinion PDF
199.65 KB
10/04/2017 ESMA70-708036281-18 Opinion on portfolio margining requirements under Article 27 of EMIR Delegated Regulation Opinion PDF
240.08 KB
06/08/2020 ESMA70-155-10206 Opinion on position limits on Capesize TC5 Freight contracts revised limit Opinion PDF
245.79 KB
06/08/2020 ESMA 70-155-9767 Opinion on position limits on CEGH VTP Opinion PDF
306.8 KB
20/03/2019 ESMA70-155-6749 Opinion on position limits on CEGH-VTP natural gas contracts Opinion PDF
385.93 KB
23/01/2019 ESMA70-155-1118 Opinion on position limits on Dutch Power Physical Base contracts Opinion PDF
515.94 KB
23/01/2019 ESMA70-155-1124 Opinion on position limits on Dutch Power Physical Peak contracts Opinion PDF
535.21 KB
06/08/2020 ESMA70-155-10340 Opinion on position limits on EEX Capesize C7 freight futures contracts Opinion PDF
247.06 KB
23/09/2020 ESMA70-155-10467 Opinion on position limits on EEX TTF gas contracts Opinion PDF
300.27 KB
23/09/2020 ESMA70-155-1056 Opinion on position limits on Farmed Salmon contract Opinion PDF
281.91 KB
06/08/2020 ESMA-70-155-9763 Opinion on position limits on GPL Opinion PDF
233.61 KB
20/03/2019 ESMA70-155-6646 Opinion on position limits on GPL natural gas contracts Opinion PDF
382.08 KB
15/12/2017 ESMA70-155-1535 Opinion on position limits on ICE Brent Crude contracts Opinion PDF
536.77 KB
06/08/2020 ESMA70-155-8812 Opinion on position limits on ICE Endex German NCG gas contracts Opinion PDF
250.81 KB
06/08/2020 ESMA70-155-9974 Opinion on position limits on ICE Endex German Power electricity contracts Opinion PDF
247.27 KB
06/08/2020 ESMA70-155-9808 Opinion on position limits on ICE Endex Italian Power contracts Opinion PDF
287.88 KB