Authors: Pauline Ashall, Michael Voisin, Sarah Willis

FRANDT – draft delegated act published by the European Commission

As part of the amendments to EMIR introduced by the EMIR Refit Regulation, from 18 June 2021 all clearing members and clients providing clearing services (“Clearing Service Providers” or “CSPS”) will be required to provide those services on fair, reasonable, non-discriminatory and transparent commercial terms (“FRANDT”).

The European Commission (the “Commission”) has recently published a draft delegated regulation (the “Delegated Regulation”), setting out the relevant conditions with which CSPs will be expected to comply.