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ARTICLE · 30 APRIL 2014

Deadline Approaches For Compliance With European Derivatives Risk Mitigation Measures

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Canadian firms will continue to be asked by European counterparties in the global OTC derivatives market to provide information to enable compliance with EMIR.

CanadaFinance and Banking
Gordon Peery
Gordon Peery
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Canadian firms (among others) will continue to be asked by European counterparties in the global over-the-counter derivatives market to provide information to enable the aforementioned counterparties to comply with the European Market Infrastructure Regulation (EMIR) under Regulation (EU) No. 648/2012 of the European Parliament.

By April 30, 2014, any entity under the jurisdiction of the British regulator Financial Conduct Authority (FCA) is required to implement risk mitigation measures relating to OTC derivatives and other instruments covered by EMIR.

BACKGROUND

A wide range of compliance obligations affecting parties trading OTC derivatives with European counterparties went into effect this year, including, for example, OTC reporting requirements that came into force on February 12, 2014. Risk mitigation requirements in Europe first went into effect on September 13, 2013 and a leading regulator in Europe, the U.K. Financial Conduct Authority (FCA), issued in

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