EMIR: Delegated Regulation amending clearing obligation deadline for certain counterparties published in Official Journal

A Commission Delegated Regulation (2017/751) amending Delegated Regulations under EMIR as regards the deadline for compliance with clearing obligations for certain counterparties dealing with OTC derivatives has been published in the Official Journal.

Commission Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 determine four categories of counterparties for the purposes of setting out the dates on which their respective clearing obligations take effect. Counterparties are categorised according to their level of legal and operational capacity and by their trading activity in relation to OTC derivatives. In order to ensure a timely and orderly application of the clearing obligation, staggered phase-in periods were applied to those different categories of counterparties.

Following the submission of draft regulatory technical standards (RTS) by the European Securities and Markets Authority (ESMA) to the Commission, Delegated Regulation 2017/751 amends the specified regulations with regard to the application date for Category 3 counterparties.

The Delegated Regulation will enter into force on 19 May 2017.