EMIR — European Commission responds to ESMA’s request to clarify the definition of derivative
The European Commission has provided a further response to a request from the European Securities and Markets Authority (ESMA) to clarify the definition of ‘financial instruments’ under Directive 2004/39/EC on markets in financial instruments (MiFID), which is used in defining ‘derivative’ or ‘derivative contract’ under Regulation (EU) No 648/2012 on over-the-counter (OTC) derivatives, central counterparties and trade repositories (EMIR).
The response stresses the need for a consistent interpretation, to ensure the effective application of the reporting regime under EMIR. The European Commission also confirms that it is not now possible to address the issue by way of a MiFID implementing measure, as the European Commission’s powers in this regard ceased on 1 December 2012. It will therefore only be possible through an implementing measure under MiFID II, which will not take effect until January 2017…
Click on the link below to read the rest of the Eversheds briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Eversheds
News from The Lawyer
Briefings from Eversheds
Case supports the view that a claim for breach of statutory duty is possible in relation to a contract award by a public body beyond the scope of the procurement regulations.
Tools that can be used to: minimise the risk of disputes; formulate and respond to claims; and resolve disputes.
Analysis from The Lawyer
Eversheds is no stranger to an international tie-up but now it’s in the market for the jewel in its global crown
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all