ESMA recommends changes to EMIR framework
The European Securities and Markets Authority (ESMA) has published four reports focused on how the European Markets Infrastructure Regulation (EMIR) framework has been functioning and providing input and recommendations to the European Commission’s (EC) EMIR Review.
Three of the reports are required under Article 85 of EMIR, and cover non-financial counterparties (NFCs), pro-cyclicality and the segregation and portability for CCPs. The fourth report responds to the EC’s Review including recommendations on amending EMIR in relation to the clearing obligation, the recognition of third country CCPs and the supervision and enforcement procedures for trade repositories.
2015/1251 EMIR Review Report no.1 – Review on the use of OTC derivatives by NFCs
2015/1252 EMIR Review Report no.2 – Review on the efficiency of margining requirements to limit procyclicality
2015/1253 EMIR Review Report no.3 – Review on the segregation and portability requirements