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ARTICLE · 29 JULY 2014

Financial Regulatory Developments Focus - 23 July, 2014

A&O Shearman
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In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments.

United StatesFinance and Banking
A&O Shearman
A&O Shearman
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In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.

Derivatives

European Commission Responds to Frontloading Issue Raised by ESMA

On July 17, 2014, the European Securities and Markets Authority ("ESMA") published a letter from the European Commission (dated July 8, 2014) in response to ESMA's letter on May 8, 2014 regarding the frontloading issue under the European Market Infrastructure Regulation ("EMIR"). Frontloading is the requirement under EMIR for OTC derivatives to be cleared which are entered into after a central counterparty ("CCP") has been authorized/recognized under EMIR to clear certain classes of derivative but before the application of the clearing obligation. The European Commission acknowledges the issues that the frontloading obligation might present but points out that

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