European Commission
EMIR - European Commission adopts six Delegated and Implementing Regulations on RTS and ITS on reporting, data quality, data access and the registration of trade repositories - 10 June 2022
The European Commission has adopted six Delegated Regulations and Implementing Regulations, containing regulatory technical standards (RTS) and implementing technical standards (ITS) respectively, supplementing the European Market Infrastructure Regulation (648/2012/EU) (EMIR):
- Commission Delegated Regulation (EU) …/… supplementing EMIR with regard to RTS specifying the procedures for the reconciliation of data between trade repositories and the procedures to be applied by the trade repository to verify the compliance by the reporting counterparty or submitted entity with the reporting requirements and to verify the completeness and correctness of the data reported (C(2022) 3581 final);
- Commission Delegated Regulation (EU) …/… amending the RTS laid down in Delegated Regulation 150/2013/EU as regards the details of the applications for the registration as a trade repository and for applications for extension of registration as a trade repository (C(2022) 3585 final);
- Commission Delegated Regulation (EU) …/… supplementing EMIR with regard to RTS specifying the minimum details of the data to be reported to trade repositories and the type of reports to be used (C(2022) 3589 final);
- Commission Delegated Regulation (EU) …/… amending the RTS laid down in Delegated Regulation 151/2013/EU by further specifying the procedure for accessing details of derivatives as well as the technical and operational arrangements for their access (C(2022) 3590 final);
- Commission Implementing Regulation (EU) …/… amending the ITS laid down in Implementing Regulation 1248/2012/EU as regards the format for applications for registration as trade repositories and for applications for extension of registration as trade repositories (C(2022) 3580 final);
- Commission Implementing Regulation (EU) …/… laying down ITS for the application of EMIR with regard to the standards, formats, frequency and methods and arrangements for reporting (C(2022) 3588 final).
The European Securities and Markets Authority published a final report containing final draft versions of the RTS and ITS in December 2020, reflecting mandates under the EMIR Refit Regulation ((EU) 2019/834).
The European Parliament and Council of the EU will now scrutinise the Commission Delegated and Commission Implementing Regulations. If neither objects, they will enter into force on the 20th day following their publication in the Official Journal of the European Union.
Commission Delegated Regulation (EU) …/… of 10.6.2022 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the procedures for the reconciliation of data between trade repositories and the procedures to be applied by the trade repository to verify the compliance by the reporting counterparty or submitted entity with the reporting requirements and to verify the completeness and correctness of the data reported (C(2022) 3581 final)
Annex
Commission Delegated Regulation (EU) …/… of 10.6.2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 150/2013 as regards the details of the applications for the registration as a trade repository and for applications for extension of registration as a trade repository (C(2022) 3585 final)
Commission Delegated Regulation (EU) …/… of 10.6.2022 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum details of the data to be reported to trade repositories and the type of reports to be used (C(2022) 3589 final)
Annex
Commission Delegated Regulation (EU) …/… of 10.6.2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 151/2013 by further specifying the procedure for accessing details of derivatives as well as the technical and operational arrangements for their access (C(2022) 3590 final)
Commission Implementing Regulation (EU) …/… of 10.6.2022 amending the implementing technical standards laid down in Implementing Regulation (EU) No 1248/2012 as regards the format for applications for registration as trade repositories and for applications for extension of registration as trade repositories (C(2022) 3580 final)
Annex
Commission Implementing Regulation (EU) …/… of 10.6.2022 laying down implementing technical standards for the application of Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to the standards, formats, frequency and methods and arrangements for reporting (C(2022) 3588 final)
Annex
European Supervisory Authorities
EMIR - ESAs propose to extend the temporary exemptions regime for intra-group contracts - 13 June 2022
The European Supervisory Authorities (ESAs) (comprising the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have published a final report containing draft regulatory technical standards (RTS) proposing to amend Commission Delegated Regulation (EU) 2016/2251. It has also published a new draft RTS proposing to amend three Commission Delegated Regulations ((EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178) on the clearing obligation under the European Market Infrastructure Regulation (648/2012/EU) (EMIR).
These measures originally introduced temporary exemptions for intra-group contracts with third-country group entities to facilitate centralised risk management procedures for groups. These measures provide a temporary solution in parallel with the assessment period for the relevant equivalence decisions under EMIR’s permanent exemption framework.
The ESAs propose to extend by three years the existing temporary exemptions regime (which is due to expire on 30 June 2022) for intra-group contracts where one counterparty is established in a third country and the other counterparty is established in the EU to accommodate the ongoing assessment of third-country equivalence and allow for a review of the intra-group exemptions framework.
The draft RTS have been submitted to the European Commission for endorsement. They will be subject to scrutiny by the European Parliament and the Council of the EU before being published in the Official Journal of the European Union. They will come into force on the day after that publication.
Final Report EMIR RTS amending the bilateral margin requirements with regards to intragroup contracts (ESAs 2022 13)
Final Report EMIR RTS on amendments to the clearing obligation regarding intragroup contracts (ESMA70-451-164)
Public Statement: The ESAs propose to adapt the EMIR implementation timelines for intragroup contracts with third-country group entities
Press release
European Securities and Markets Authority
EMIR - ESMA publishes statement on implementation of the clearing obligation for pension scheme arrangements - 16 June 2022
The European Securities and Markets Authority (ESMA) has published a statement on the implementation of the clearing obligation (CO) for pension scheme arrangements (PSAs) under the European Market Infrastructure Regulation (648/2012/EU) (EMIR). The statement follows ESMA’s letter (dated 25 January 2022) to the European Commission (the Commission) recommending the end of the current exemption from the CO with a one-year implementation period. On 9 June 2022, the Commission published Commission Delegated Regulation C(2022) 3584 (final) exempting PSAs from the CO until 18 June 2022.
ESMA expects national competent authorities to act proportionately in the period between June 2022 and the approval of the Commission Delegated Regulation. The Commission Delegated Regulation is currently being scrutinised by the European Parliament and Council of the EU. If neither objects, it will enter into force on the day after its publication in the Official Journal of the European Union.
ESMA public statement (ESMA70-451-500)
