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European Commission Post-Brexit, EMIR 2.2 Update

The European Commission (the Commission) recently adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts), and published an updated version of its notice to stakeholders on the consequences of the United Kingdom’s (UK) withdrawal from the European Union (EU) (Brexit) on the EU’s rules in the field of post-trade financial services (the Notice).

European Commission Adopts EMIR 2.2 Provisional Delegated Acts

On July 14, the European Commission (the Commission) adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts).

The Delegated Acts address the following issues:

  • the criteria that ESMA should consider when determining if a TC CCP is, or is likely to become, systemically-important and consequently the tier to which it should be assigned;

  • the minimum elements to be assessed by ESMA when considering a request for comparable compliance from a TC CCP and the modalities and conditions of that assessment; and

  • the types and amount of fees and the manner in which fees are to be paid by TC CCPs applying for recognition and by recognized TC CCPs.

The Delegated Acts are to be considered by the Council of the European Union (EU) and the European Parliament before being published in the Official Journal of the EU and becoming effective.

The Delegated Acts are available here.

European Commission Publishes Updated Brexit Notice to Stakeholders on Post-Trade

On July 14, the European Commission (the Commission) published an updated version of its notice to stakeholders on the consequences of the United Kingdom’s (UK) withdrawal from the European Union (EU) (Brexit) on the EU’s rules in the field of post-trade financial services (the Notice).

The Notice has been updated to address the legal situation and practical implications that the end of the Brexit transition period on December 31 will have on the financial services sector. It covers derivatives, trade repositories and reporting, and central securities depositories and securities settlement systems.

The Notice is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 199

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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666