Authors: Pauline Ashall, Michael Voisin, Sarah Willis

UK - ESMA publishes Final Report on FRANDT requirements for clearing service providers

On 2 June 2020, ESMA published its Final Report with technical advice to the European Commission on the FRANDT requirements, including a draft delegated act setting out the relevant conditions with which CSPs will be expected to comply. The European Commission is empowered to adopt a delegated act specifying such conditions in advance of the FRANDT requirements coming into force on 18 July 2021.

This note explores a number of key provisions of the FRANDT requirements and considers the practical implications for CSPs.