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ARTICLE · 24 APRIL 2014

ESAs Consult On Draft RTS On Risk Mitigation For OTC Derivatives

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The Joint Committee of the ESA launched a consultation on draft regulatory technical standards on risk mitigation for OTC derivatives.

European UnionFinance and Banking
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On 14 April 2014, the Joint Committee of the European Supervisory Authorities (the "ESAs") launched a consultation on draft regulatory technical standards ("RTS") on risk mitigation for OTC derivatives as required under the European Market Infrastructure Regulation ("EMIR"). EMIR requires parties to derivative contracts that are not cleared through a central counterparty to use risk mitigation techniques. The draft RTS set out risk management procedures for the timely, accurate and appropriately segregated exchange of collateral, procedures for intragroup exemptions and the criteria for identifying practical and legal impediments to the prompt transfer of funds between counterparties.

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