European Market Infrastructure Regulation

ESMA updates Guidelines on written agreements between CCP college members

Retrieved on: 
Thursday, January 21, 2021

21 January 2021

Key Points: 
  • 21 January 2021

    CCP Directorate

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today published the final report on its revised Guidelines regarding written agreements between members of CCP colleges.

  • The revised Guidelines take into account changes to composition, functioning and management of CCP colleges which were introduced by amendments to the regulatory technical standards (RTS) on CCP colleges, and by EMIR 2.2.
  • The objective of the Guidelines is to ensure common, uniform and consistent application of the RTS on CCP colleges and Articles 18 and 19 of EMIR.
  • The Guidelines specifically aim at establishing a standard written agreement to support the smooth functioning of a CCP college.

ESMA updates Guidelines on written agreements between CCP college members

Retrieved on: 
Thursday, January 21, 2021

21 January 2021

Key Points: 
  • 21 January 2021

    CCP Directorate

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today published the final report on its revised Guidelines regarding written agreements between members of CCP colleges.

  • The revised Guidelines take into account changes to composition, functioning and management of CCP colleges which were introduced by amendments to the regulatory technical standards (RTS) on CCP colleges, and by EMIR 2.2.
  • The objective of the Guidelines is to ensure common, uniform and consistent application of the RTS on CCP colleges and Articles 18 and 19 of EMIR.
  • The Guidelines specifically aim at establishing a standard written agreement to support the smooth functioning of a CCP college.

CFTC and ESMA Sign Enhanced MOU Related to Certain Recognized Central Counterparties

Retrieved on: 
Friday, January 8, 2021

Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union with provisions that expand upon the collaboration set out in the 2016 CFTC-ESMA MOU related to recognized CCPs.

Key Points: 
  • Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union with provisions that expand upon the collaboration set out in the 2016 CFTC-ESMA MOU related to recognized CCPs.
  • The MOU reflects ESMAs and the CFTCs commitment to strengthening their mutual cooperative relationship, which has continued to flourish under the leadership of Chair Steven Maijoor and Chairman Heath P. Tarbert.
  • The deferential approach embodied in this MOU is a major milestone in the years-long engagement between the CFTC and its EU counterparts on the implementation of EMIR as amended.
  • I am pleased to see ESMA entering a phase of closer cooperation with the CFTC, said Chair of ESMAs CCP Supervisory Committee Klaus Lber.

CFTC and ESMA Sign Enhanced MOU Related to Certain Recognized Central Counterparties

Retrieved on: 
Thursday, January 7, 2021

Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union with provisions that expand upon the collaboration set out in the 2016 CFTC-ESMA MOU related to recognized CCPs.

Key Points: 
  • Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union with provisions that expand upon the collaboration set out in the 2016 CFTC-ESMA MOU related to recognized CCPs.
  • The MOU reflects ESMAs and the CFTCs commitment to strengthening their mutual cooperative relationship, which has continued to flourish under the leadership of Chair Steven Maijoor and Chairman Heath P. Tarbert.
  • The deferential approach embodied in this MOU is a major milestone in the years-long engagement between the CFTC and its EU counterparts on the implementation of EMIR as amended.
  • I am pleased to see ESMA entering a phase of closer cooperation with the CFTC, said Chair of ESMAs CCP Supervisory Committee Klaus Lber.

Publication of financial instruments reference data after the end of the Brexit transition period

Retrieved on: 
Wednesday, January 6, 2021

The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.

Key Points: 
  • The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.
  • The FIRDS full files (FULINS) published by ESMA contain information on all financial instruments which are active on EU trading venues, along with their latest descriptions and RCA information.
  • ESMA would like to remind users to process these files in accordance with their systems implementation to capture all the above-mentioned changes.
  • ESMA will subsequently resume processing of FIRDS files received during the maintenance window, as per Brexit data operational plan published on ESMA website .

Publication of financial instruments reference data after the end of the Brexit transition period

Retrieved on: 
Wednesday, January 6, 2021

The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.

Key Points: 
  • The European Securities and Markets Authority (ESMA) has published today its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period.
  • The FIRDS full files (FULINS) published by ESMA contain information on all financial instruments which are active on EU trading venues, along with their latest descriptions and RCA information.
  • ESMA would like to remind users to process these files in accordance with their systems implementation to capture all the above-mentioned changes.
  • ESMA will subsequently resume processing of FIRDS files received during the maintenance window, as per Brexit data operational plan published on ESMA website .

ESMA registers DTCC Data Repository (Ireland) PLC as trade repository under EMIR and SFTR

Retrieved on: 
Saturday, December 19, 2020

18 December 2020

Key Points: 
  • 18 December 2020

    Securities Financing Transactions

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has registered today DTCC Data Repository (Ireland) PLC as a TR under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR), with effect from 23 December 2020.

  • DTCC Data Repository (Ireland) PLC is based in Ireland and this registration is part of the DTCC Group strategy to ensure it continues to offer services to EU clients after the end of the transition period.
  • After 31 December 2020, the UK-based TR of the Group (DTCC Data Repository PLC DDRL UK) will cease to be registered with ESMA and DTCC Data Repository (Ireland) PLC will be the only TR of the Group operating in the EU.
  • The registration of a TR means that it can be used by counterparties to a derivative transaction and/or SFT to fulfil their trade reporting obligations under EMIR and/or SFTR respectively.

ESMA registers DTCC Data Repository (Ireland) PLC as trade repository under EMIR and SFTR

Retrieved on: 
Friday, December 18, 2020

18 December 2020

Key Points: 
  • 18 December 2020

    Securities Financing Transactions

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has registered today DTCC Data Repository (Ireland) PLC as a TR under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR), with effect from 23 December 2020.

  • DTCC Data Repository (Ireland) PLC is based in Ireland and this registration is part of the DTCC Group strategy to ensure it continues to offer services to EU clients after the end of the transition period.
  • After 31 December 2020, the UK-based TR of the Group (DTCC Data Repository PLC DDRL UK) will cease to be registered with ESMA and DTCC Data Repository (Ireland) PLC will be the only TR of the Group operating in the EU.
  • The registration of a TR means that it can be used by counterparties to a derivative transaction and/or SFT to fulfil their trade reporting obligations under EMIR and/or SFTR respectively.

ESMA RECOMMENDS MORE TIME TO IMPLEMENT A MIX OF SOLUTIONS FOR PSAS TO CLEAR

Retrieved on: 
Friday, December 18, 2020

Last year, EMIR Refit further extended the temporary exemption from the clearing obligation for PSAs until June 2021.

Key Points: 
  • Last year, EMIR Refit further extended the temporary exemption from the clearing obligation for PSAs until June 2021.
  • To monitor the progress made by the different actors involved towards possible clearing solutions for PSAs by that date, ESMA has been mandated to draft an annual report as input to the European Commissions report on the clearing solutions for PSAs.
  • Instead, the situation should improve not due to one single measure but because of a mix of existing solutions.
  • However, the additional efforts needed for implementing the mix of solutions described in the report and ensuring a better readiness would still require additional time.

ESMA publishes draft technical standards under EMIR REFIT

Retrieved on: 
Friday, December 18, 2020

17 December 2020

Key Points: 
  • 17 December 2020

    Board of Supervisors

    Post Trading

    Press Releases

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has today published a Final Report on technical standards (RTS and ITS) under the EMIR REFIT Regulation.

  • In recent years ESMA has been actively engaged in the development of global guidance on the harmonisation of data elements reported to trade repositories.
  • Key proposals

    The key proposals included in the technical standards are:

    Next steps

    The draft technical standards have been submitted to the European Commission, and the proposed timeline for implementation of the technical standards by the reporting counterparties and TRs in the Union is 18 months from the date of their publication in the Official Journal.

  • In the meantime, ESMA will commence working on the guidelines on reporting under EMIR REFIT as well as on the technical documentation, including XML schemas and validation rules.