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ARTICLE · 15 JULY 2014

EMIR- Consultation Paper On Draft Regulatory Technical Standards

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Under EMIR a legal obligation to clear certain types of OTC derivatives through CCPs has been introduced.

European UnionFinance and Banking
Bonn Steichen & Partners
Bonn Steichen & Partners

On April 14th 2014 the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) issued a consultation paper on draft regulatory technical standards (Consultation Paper) on risk-mitigation techniques for OTC-derivative contracts not cleared by a central counterparty (CCP) under Article 11(15) of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR).

Under EMIR a legal obligation to clear certain types of OTC derivatives through CCPs has been introduced. However, not all OTC derivative transactions will be subject to the clearing obligation and therefore it is essential, also for the purposes of preventing systemic risk, that counterparties apply robust risk mitigation techniques to reduce counterparty credit risk.

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