(Utkast) Delegert kommisjonsforordning (EU) .../... av 19. desember 2018 om endring av delegert forordning (EU) 2015/2205, (EU) 2016/592 og (EU) 2016/1178 som supplerer europaparlaments- og rådsforordning (EU) No 648/2012 med hensyn til reguleringsstandarder om clearingplikten for utsettelse av datoen for utsatt anvendelse av clearingplikten for visse OTC-derivatavtaler
(Draft) Commission Delegated Regulation (EU) .../... of 19 December 2018 amending Delegated Regulation (EU) 2015/2205, Delegated Regulation (EU) 2016/592 and Delegated Regulation (EU) 2016/1178 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation to extend the dates of deferred application of the clearing obligation for certain OTC derivative contracts
Utkast til delegert kommisjonsforordning sendt til Europaparlamentet og Rådet for klarering 19.12.2018
BAKGRUNN (fra ESMAs pressemelding 27.9.2018)
ESMA publishes final report amending RTS on the clearing obligation for intragroup transactions
The European Securities and Markets Authority (ESMA) has today published its Final Report on the Clearing Obligation under EMIR (no 6). The report presents a new set of draft regulatory technical standards (RTS) on the clearing obligation. The draft RTS relate to the deferred date of application for the treatment of certain intragroup transactions concluded with a third country group entity.
Currently there are three Commission Delegated Regulations (CDRs) on the clearing obligation, which mandate a range of interest rate and credit derivative classes for clearing. These CDRs contain a deferred date of application of the clearing obligation for intragroup transactions that satisfy certain conditions, and where one of the counterparties is in a third country, in the absence of the relevant equivalence decision.
Proposed extension and alignment to 21 December 2020
With the deferred dates soon approaching and, in the absence of implementing acts on equivalence on the legal, supervisory and enforcement framework of a third country under Article 13(2) of EMIR in respect of the clearing obligation, ESMA proposes to prolong these exemptions for a very limited period of time.
ESMA, with the first deferred deadline approaching on 21 December 2018, aims to find the right balance between the objective of a temporary exemption and the need to contain the risk of unintended consequences with respect to EMIR’s objectives by deferring the date of application for two years.
In seeking to ensure simplicity, ESMA also proposes to align the date of extension for the three relevant CDRs to 21 December 2020 in case no equivalence decision has been adopted. These are;
• Commission Delegated Regulation (EU) 2015/2205 regarding interest rate derivative classes;
• Commission Delegated Regulation (EU) 2016/592 regarding credit derivative classes; and
• Commission Delegated Regulation (EU) 2016/1178 regarding interest rate derivative classes.
ESMA has now sent the draft RTS to the European Commission for endorsement.