EMIR Update - ESMA Publishes Finalised Technical Standards
On 27 September ESMA published a final report with a first set of draft regulatory/implementing technical standards under EMIR. The European Commission has now 3 months to decide whether to endorse ESMA’s draft technical standards and to convert them into Commission Delegated/Implementing Regulations.
Assuming endorsement by the Commission, these technical standards will enter into force the 20th day after publication in the Official Journal. They will apply directly in Belgium given the direct effect of Regulations.
However, certain technical standards and recommendations to complete the EMIR legal framework are still missing. The most important missing piece of regulation is, in our view, the technical standards on risk mitigation techniques for OTC derivatives that are not cleared by a CCP.
Linklaters has produced an alert (available here) with a description of the draft technical standards recently published by ESMA and a tentative timetable for the completion of the EMIR legal framework.