This consultation paper includes the Regulatory and Implementing Technical Standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. 

On February 27, the European Commission extended for four months the deadline for ESMA advise on the equivalence between non-EU legal and supervisory frameworks and EMIR, the European Markets Infrastructure Regulation.  According to the letter from the Commission, ESMA shall now deliver its advice on Japan and the USA by 15 June 2013 and, for the remaining countries specified in the request by 15 July 2013.  The original deadline was 15 March 2013.

EMIR: A Fair Price for Safety and Transparency - speech by Steven Maijoor, ESMA Chair, at the EMIR conference in the Hague

On 14 January 2013 ESMA received a formal request from the European Commission (the Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) by a delegated act. In order to deliver its advice to the Commission, ESMA consulted market participants regarding the proposed fee structures for registration, supervision and recognition of TRs. Respondents to this consultation were encouraged to provide the relevant data to support their arguments or proposals.Given the time period established for providing this advice, ESMA was compelled to require responses to the consultation within a short timeframe. In total, ESMA received 8 responses to the consultation. Non-confidential responses can be found on ESMA’s website. ESMA would like to thank respondents for providing input given the short period ESMA was able to consult for. This document sets out a summary of the responses received by ESMA regarding the fee structure for registration, supervision and recognition of TRs in the EU and includes ESMA’s final technical advice to the Commission on the future Regulation on fees for TRs which will be adopted by the Commission in the form of a delegated act. It is worth noting that all major ESMA proposals were supported by respondents and where comments were received ESMA has considered how best to adjust the original proposals. Next steps ESMA will follow-up on this work with the Commission as they work on the adoption of the Commission delegated regulation on fees for TRs.

See also 2013/811 Confirmation of compliance with guidelines

The European Securities and Markets Authority (ESMA) is publishing this discussion paper in order to seek stakeholders’ views on the preparation of the regulatory technical standards ESMA is required to draft under Article 5(2) “Clearing Obligation Procedure” of the Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). The input from stakeholders will help ESMA in the development of the relevant technical standards to be drafted and submitted to the European Commission for endorsement in the form of Commission Regulations, i.e. a legally binding instrument directly applicable in all Member States of the European Union. One essential element in the development of draft technical standards is the analysis of the costs and benefits that those legal provisions will imply. Input in this respect and any supportive data will be highly appreciated and kept confidential where required. Please respond to the consultation using the response template. The closing date for responses is 12 September 2013.

Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR

The European Securities and Markets Authority (ESMA) has sent the European Commission a Final Report proposing an amendment to Article 5 of the Commission Implementing Regulation (EU) No.1247/2012 (ITS on reporting) on the format and frequency of reporting to trade repositories under EMIR. The amendment relates specifically to the reporting of exchange traded derivatives (ETDs) and proposes postponing the reporting start date by one year. Background Article 5 regards the reporting start date of derivatives to trade repositories, however the current dates do not include a specification of ETDs. This specification would be useful as there is a risk currently that reporting of ETDs is not harmonised unless further regulatory guidance is issued. Based on the need to ensure the consistent implementation of EMIR, ESMA considered that guidelines and recommendations should be developed in relation to this issue. A delay in the reporting date for ETD transactions will allow sufficient time for the development of the relevant guidelines and their implementation by counterparties, trade repositories and regulators. The European Commission has three months to decide whether to endorse ESMA’s draft implementing technical standards.