ESMA proposes EMIR amend in regard with BREXIT
Be Shaping the Future (AT)03.12.2018
In the light of the impending BREXIT, The European Securities and Markets Authority (ESMA) has published a final report on 8th November 2018. This includes a draft on regulatory technical standards (RTS) proposing to amend certain aspects of the clearing obligation under the European Market Infrastructure Regulation (EMIR).
RTS will introduce a limited exemption in order to facilitate the novation of certain non-centrally cleared OTC derivative contracts during a specific time-window. The amendments would only apply if the UK leaves the EU without the conclusion of a withdrawal agreement – a no deal scenario.
targit GmbH and the reporting solution, “tecconTR” are ready to provide business and IT support to its clients in order to cope with the challenges of the regulatory obligations’ dynamics.
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