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Commentary by Nihal Patel

The European Supervisory Authorities ("ESAs") published a second consultation paper on the draft Regulatory Technical Standards ("RTS"). The document outlines the framework for the margin requirement for non-centrally cleared derivatives under EMIR. The second consultation paper builds on the proposed outlined in the ESAs' first Consultation Paper, published in April 2014. After reviewing the responses to the first consultation paper, the ESAs engaged in dialogue with other authorities to identify operational issues that may arise from the implementation of the EMIR framework. The ESAs are

SIFMA Asset Management Group ("SIFMA AMG") submitted comments to the European Supervisory Authorities ("ESAs") on the second Consultation Paper concerning risk-mitigation techniques for OTC-derivative contracts that are not centrally cleared. The SIFMA AMG explained that it did not respond to each of the specific questions posed by the ESAs – rather, it focused on the wider concerns relating to the application of the margin requirements. In particular, the SIFMA AMG stressed that: equivalence decisions should be made in good time prior to the implementation of EU margin requirements so as to