Reports from the EU suggest that several MEPs on the Parliamentary ECON committee have lodged objections to various aspects of the Regulatory Technical Standards (RTS) drafted pursuant to EMIR. Specific objections relate to the impact on non-financial counterparties of:
• the requirement to ensure timely confirmation of non-cleared OTC derivatives, and
• the requirement to clear across all asset classes once the clearing threshold is exceeded in relation to a single asset class.
The EU Parliament has until 19 February 2013 to accept or reject the RTS. A rejection would likely result in a re-drafting of the RTS and substantial delay to the passage of EMIR.Contact Us