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April 16, 2014

European Commission Announcement Concerning European Market Infrastructure Regulation (EMIR) Regulatory Technical Standards

On February 8, the European Commission issued an announcement concerning the draft regulatory technical standards (RTS) made under the European Market Infrastructure Regulation (the Regulation on OTC Derivatives, Central Counterparties and Trade Repositories (Regulation 648/2012)) issued in December 2012 (as reported in Corporate and Financial Weekly Digest of December 21, 2012). The announcement followed the withdrawal of a motion before the European Parliament by the Economic and Monetary Affairs Committee (ECON) to reject the RTS.

The European Commission stated that it understood ECON’s reasons for proposing the rejection of the RTS. It will address them by ensuring that when it adopts its decisions on mandatory clearing for specific classes of OTC derivatives, the clearing obligation for non-financial firms will be phased in over an appropriate period of time. This will allow non-financial firms sufficient time to adapt to the new requirements.

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©2014 Katten Muchin Rosenman LLP

About the Author

Partner

Edward Black, a partner in Katten Muchin Rosenman UK LLP, has a wide range of funds and financial services experience. He has acted for securities, commodities and derivatives brokers and dealers, banks, investment banks and investment managers for over 20 years. This has led to substantial involvement in commercial and transactional work in the financial services field as well as extensive regulatory expertise, and to significant experience with employment law matters.

+44 2 20 7776 7624

About the Author

Tim Aron, Katten Muchin Law Firm, Finance Attorney
Partner

Tim Aron, a partner in Katten Muchin Rosenman UK LLP, specialises in the regulation of financial services firms, clearing houses and trading platforms. He advises on a wide range of regulatory matters including securities and derivatives transactions, safe-keeping of money and assets, systems and controls and other high level standards, conduct of business rules, and the restructuring, acquisition and disposal of entities in the financial sector.

+44.0.20.7776.7627

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