EMIR timely confirmation rules in force
On 15 March 2013, a number of Regulatory Technical Standards (RTS) implementing the European Markets Infrastructure Regulation (EMIR) take effect. Although many of the requirements in the RTS will not come into force for some time, the requirement to ensure the timely confirmation of uncleared over-the-counter (OTC) derivative transactions will take effect from now.
EMIR is an EU Regulation which governs how OTC derivatives are transacted. The headline obligation is for standardised OTC derivatives traded between certain counterparties to be cleared through an authorised central counterparty (the clearing obligation). The clearing obligation is unlikely to come into force until 2014 as it requires central counterparties to be authorised to clear trades and ESMA to designate particular types of derivative to be subject to the clearing obligation…
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