EMIR Reporting Obligation Delayed

ESMA has updated its indicative timeline for the implementation of EMIR to reflect that the first registration decisions concerning trade repositories are now not expected until 7 November 2013 at the earliest. Previously, registration decisions had been expected from 24 September 2013, with reporting to trade repositories (TRs) starting on 1 January 2014. As the reporting start date depends on the date of registration of the TR, reporting to trade repositories is now not expected to start before February 2014.

EMIR Technical Standards on Colleges for CCPs Published in Official Journal

The Regulatory Technical Standards (RTS) on colleges for central counterparties relating to EMIR have been published in the Official Journal of the EU. The RTS address:

• The determination of the most relevant currencies
• The operational organisation of the colleges
• Participation in the colleges
• Governance of the colleges
• Exchange of information among authorities
• Voluntary sharing and delegation of tasks

The RTS will enter into force on 3 October 2013.

Deadline for draft RTS on cross-border application of EMIR extended

The European Commission has extended the deadline for ESMA to deliver its draft regulatory technical standards (RTS) on the cross-border application of EMIR in order to give ESMA more time to take into account the responses it has received to its public consultation on the draft RTS. The deadline for receipt of the draft RTS has been extended from 25 September 2013 to 15 November 2013.

Contributed by Niall Crowley