EMIR: EU Commission adopts Delegated Regulation extending clearing obligations deadline for Category 3 counterparties to 21 June 2019

The EU Commission has adopted a Delegated Regulation with regard to the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives under the European Market Infrastructure Regulation (EMIR). The new Delegated Regulation amends Delegated Regulations Nos. 2015/2205, 2016/592 and 2016/1178.

The Delegated Regulation amends point (c) of Article 3(1) of each of the three previous Delegated Regulations so that the phase-in periods for counterparties in Category 3 are extended to 21 June 2019. This aligns the date on which all three clearing obligations take effect with respect to counterparties in Category 3.

The Delegated Regulation will enter into force on the twentieth day following its publication in the Official Journal.