Financial Regulating Developments Focus – Feb 18, 2014

In this issue:

– Derivatives

– Regulatory Capital

– Financial Services

– Enforcement

– Events

– People

– Excerpt from Derivatives –

ESMA Requests Clarification on Definition of Derivatives under EMIR –

On 17 February 2014, the eu Investments and Marketplaces Authority (“ESMA”) printed instructions it had shipped to Michel Barnier, the Commissioner for Internal Market and Services in the European Commission. The letter enhances the publication from the concept of derivatives or derivatives contract inside the European Market Infrastructure Regulation (“EMIR”) which means report on financial instruments inside the Marketplaces in Financial Instruments Directive (“MiFID”). MiFID remains transposed to the national laws and regulations and rules of Member States meaning there is no common concept of derivative or derivative contract inside the EU. So it will probably be difficult to achieve consistent utilization of EMIR within the EU. Particularly, this is needs to be clarified in relation to Foreign exchange forwards, place Foreign exchange and physically settled commodity forwards. Until such clarification, ESMA understands that national government physiques will not implement EMIR for contracts that are not clearly acknowledged as derivatives contracts within the EU. ESMA signifies the Commission uses its forces under MiFID to think about an using act offering for such clarification.

Please see full newsletter below for more information.

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