August 31, 2014

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August 29, 2014

August 28, 2014

European Securities and Markets Authority (ESMA) Publishes European Market Infrastructure Regulation (EMIR) Q&As

On March 20, the European Securities and Markets Authority (ESMA) published Questions & Answers (Q&A) relating to the implementation of the Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (Regulation EU 648/2012, generally known as EMIR).

The Q&A states that its purpose is to promote common supervisory approaches in the application of EMIR among national regulators. Responses are provided to questions posed by market participants and regulators in relation to the practical application of EMIR grouped under three broad headings: OTC Derivatives, Central Counterparties and Trade Repositories. Issues addressed include the definition of OTC derivatives, clearing threshold calculation and notification requirements for non-financial counterparties, trade confirmations and requirements on CCPs with respect to recording of client assets and collateral portability.

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About this 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
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