Clifford Chance
EMIR: illustrative implementation timeline and expected developments
21 January 2015
The last stages of the EU’s derivatives reforms are now in sight. Many of the obligations under the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR) have already come into force and the European Supervisory Authorities (ESAs) are developing the last major regulatory technical standards (RTS) required to implement EMIR. The Commission has proposed amendments to the final draft RTS on the clearing obligation for interest rate OTC derivatives (IRS) that had been proposed by the European Securities and Markets Authority (ESMA) and may shortly be in a position formally to adopt the amended RTS. The ESAs are expected to issue a further consultation on the draft RTS on margin in Q1 2015, although international debate continues as to whether the start date for margining should be delayed beyond 1 December 2015.
Clifford Chance has prepared an update of its briefing setting out an updated illustrative implementation timeline for EMIR which shows when the main obligations for market participants may apply on the basis that the Commission is able to act quickly to adopt and publish the RTS on the clearing obligation for IRS in a form consistent with its amended draft and that there is no delay in the start date for margining from that proposed by the ESAs. The briefing also includes a list of some expected developments under EMIR, as well as highlighting some other recent developments.
