The Council of the European Union updated a proposal to require systemically significant foreign central counterparties to adopt the EMIR and adhere to regulation by the European Securities and Markets Authority and the European Central Bank.
The CFTC Division of Swap Dealer and Intermediary Oversight extended time-limited no-action relief to swap dealers subject to both U.S. and European margin requirements for uncleared swaps. The relief was extended from May 8, 2017 until November 7, 2017.
The CFTC and the European Securities and Markets Authority ("ESMA") signed a Memorandum of Understanding regarding ESMA's recognition of U.S. derivatives clearing organizations as central counterparties.
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