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ARTICLE · 08 MARCH 2017

EMIR - Variation Margin Deadline Of 1 March 2017

Arthur Cox
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EMIR and its related RTS requires certain parties (FCs and NFC+s) to most uncleared OTC derivatives to exchange variation margin for transactions entered into on or after 1 March 2017 (the "VM Deadline").

European UnionFinance and Banking
Phil Cody
Phil Cody
Aiden Small
Aiden Small
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EMIR and its related RTS requires certain parties (FCs and NFC+s) to most uncleared OTC derivatives to exchange variation margin for transactions entered into on or after 1 March 2017 (the "VM Deadline").

The European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) have published a statement confirming that there will be no delay to the VM Deadline.

The ESAs noted that neither they, nor any competent authority, have any formal power to disapply directly applicable EU legal text – for example, by way of a "no-action letter", as was issued on 13 February 2017 by the U.S. Commodity Futures Trading Commission.

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