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Trading obligation for derivatives under MiFIR - clear follow-up to EMIR developments

Category: MiFID
Published: 31 May 2014

 

As appears from the latest ESMA recommendations, trading obligation for derivatives under MiFIR regulatory technical standards will be shaped to closely resemble EMIR clearing requirement.

 

Broadly, the same prerequisites, entities covered, cross-border rules - all this indicates both measures represent  only subsequent stages of the same process, having at its end sistemically important OTC derivatives subjected to the rules of authorised trading venues and cleared.

 

Read more...

Financial law academy - how to avoid circularity

Category: MiFID
Published: 29 May 2014

 

Clearing arrangements as an indicator of whether a contract qualifies as a financial instrument? Manifest error in assumptions...

 

Read more ...

The consequences of subjecting professional emissions trading on own account to MiFID II rules

Category: Emissions trading
Published: 25 May 2014

 

MiFID II does not contain specific exemption for firms specialising in professional emissions trading on own account.
 
It may be interesting to exemplify practical effects of this incoming regulatory switch...

 

Read more...

 

Clearing threshold calculation under EMIR - ESMA explains what conglomerates are made of

Category: EMIR
Published: 23 May 2014

 

It needs to be recalled that positions taken by third-country non-financial entities in the same group as the non-financial counterparty, which would be non-financial counterparties if they were in the EU, count for the calculation of the EMIR clearing threshold.

 

Global conglomerates, EU-based subsidiaries thereof are relatively small, may be particularly affected.

 

ESMA in its EMIR Q&As update of 21 May 2014 (ESMA/2014/550) has underlined in this context that the group to which the non-financial counterparty belongs, includes subsidiaries, sisters and parent companies of the non-financial counterparty wherever the ultimate parent company is established. 

 

This clarification is rather obvious, however, its regulatory origin and rank removes any remaining ambiguities.

  

See more on the clearing threshold calculation under EMIR...

  

 

Clarification on the cumulative use of exemptions under MiFID II

Category: MiFID
Published: 23 May 2014

 

ESMA expressed the view that "the execution of orders in financial instruments between two non-financials directly and without any further intermediation by third parties as ancillary activity is not covered by the term 'dealing on own account when executing client orders' and would therefore not prevent the persons concerned from using the exemptions under paragraphs (d) and (j) of Article 2(1) MiFID II."

 

See more on MiFID II exemptions:

 

1. dealing on own account (Article 2(1)(d)),

 

2. ancillary activity (derivatives trader exemption - Article 2(1)(j)).

  

Electricity Balancing Network Code transitional arrangements - existing agreements affected

Category: Network Codes
Published: 16 May 2014

 

 

While negotiating any agreements with electricity transmission system operators it is necessary to take account of provisions of the draft ENTSO-E Network Code on Electricity Balancing.

It is only non-binding draft now - some may say. Never mind...

 

Read more ...

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