Date: 12 September 2016

On 13th July 2016, the European Securities and Markets Authority (ESMA) published a consultation paper proposing to change the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity under the European Market Infrastructure Regulation (EMIR).

ESMA proposed to amend EMIR’s Delegated Regulations on the clearing obligation to prolong, by two years, the phase-in for financial counterparties with a limited volume of derivatives activity - those ones classified in Category 3 under EMIR Delegated Regulations.

The consultation closes on 5 September 2016 and ESMA will consider all received with a view to publishing a final report by the end of 2016.