The European Commission (the Commission) recently adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts), and published an updated version of its notice to stakeholders on the consequences of the United Kingdom’s (UK) withdrawal from the European Union (EU) (Brexit) on the EU’s rules in the field of post-trade financial services (the Notice).

European Commission Adopts EMIR 2.2 Provisional Delegated Acts

On July 14, the European Commission (the Commission) adopted several implementing and delegated acts relating to central counterparties (CCPs) established in third countries (TCs) under the so-called “EMIR 2.2” revisions to the European Market Infrastructure Regulation (the Delegated Acts).

The Delegated Acts address the following issues:

• the criteria that ESMA should consider when determining if a TC CCP is, or is likely to become, systemically-important and consequently the tier to which it should be assigned;

• the minimum elements to be assessed by ESMA when considering a request for comparable compliance from a TC CCP and the modalities and conditions of that assessment; and

• the types and amount of fees and the manner in which fees are to be paid by TC CCPs applying for recognition and by recognized TC CCPs.

The Delegated Acts are to be considered by the Council of the European Union (EU) and the European Parliament before being published in the Official Journal of the EU and becoming effective.

The Delegated Acts are available here.

European Commission Publishes Updated Brexit Notice to Stakeholders on Post-Trade

On July 14, the European Commission (the Commission) published an updated version of its notice to stakeholders on the consequences of the United Kingdom’s (UK) withdrawal from the European Union (EU) (Brexit) on the EU’s rules in the field of post-trade financial services (the Notice).

The Notice has been updated to address the legal situation and practical implications that the end of the Brexit transition period on December 31 will have on the financial services sector. It covers derivatives, trade repositories and reporting, and central securities depositories and securities settlement systems.

The Notice is available here.