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From 1 March 2017, the new variation margin rules for over-the-counter derivatives contained in the regulatory technical standards adopted by the European Commission will apply to certain European counterparties. In anticipation of the 1 March deadline, European counterparties (and any non-EU entities, including funds, that trade with European financial institutions) are in the process of putting in place appropriate risk management procedures and compliant netting and collateral documentation to implement the new VM requirements. Click
In this SRZ Insights video, SRZ associate Ron Feldman shares what fund managers need to know about the new Securities Financing Transactions Regulation, which is an EU regulation and applies directly in each EU Member State without the need for local implementing legislation. Ron reviews the scope and requirements of the SFT Regulation, including record-keeping requirements, disclosure obligations and transaction reporting.  …
Regulation (EU) 2015/2365 on Transparency of Securities Financing Transactions and of Reuse (the ‘SFT Regulation’) has been published in the EU Official Journal and applies from 12 January 2016. As an EU regulation, it applies directly in each EU Member State without the need for local implementing legislation. Click here to continue reading.…
As we recently reported, the pan-European regulator ESMA announced that it had approved the first trade repositories to collect and maintain the records of derivatives contracts. The reporting obligations under the European Market Infrastructure Regulations (“EMIR”) with respect to derivative transactions do not apply to non-EU funds managed by US managers. US managers of non-EU funds should, however, note that if they engage in derivatives trades with a counterparty covered by EMIR, the counterparty…
In a European Securities and Markets Authority (“ESMA”) press release dated 7 November 2013, the pan-European regulator announced that it had approved the first trade repositories. Trade repositories are firms that collect and maintain the records of derivatives contracts. The registrations will take effect on 14 November 2013, with the reporting obligation beginning 90 calendar days after the official registration date on 12 February 2014. The obligation to report impacts all EU counterparties, counterparties trading…