ESMA consults on proposed Central Clearing delay for small financial counterparties
The European Securities and Markets Authority (ESMA) has published today a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regulation (EMIR).
ESMA proposes to amend EMIR’s Delegated Regulations on the clearing obligation to prolong, by two years, the phase-in for financial counterparties with a limited volume of derivatives activity – those ones classified in Category 3 under EMIR Delegated Regulations.
The consultation closes on 5 September 2016 and ESMA will consider all received with a view to publishing a final report by the end of 2016.
Source: ESMA
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