European Supervisory Authorities publish today a joint Discussion Paper (JC/DP/2012/01) on Draft Regulatory Technical St

EBA, EIOPA and ESMA invite market participants and all interested
stakeholders to provide their feedback on planned regulatory technical
standards covering risk mitigation techniques for OTC derivatives not
cleared by central counterparties.

The EMIR Regulation ("the Regulation") on OTC Derivatives, CCPs and
trade repositories EMIR) introduces provisions to improve transparency and
reduce the risks associated with the OTC derivatives market and
establishes common rules for central counterparties (CCPs) and for trade
repositories (TRs). The Regulation acknowledges that not all OTC
derivatives would meet the necessary requirements to be centrally cleared.
For this reason, it introduces provisions on risk mitigation techniques
for OTC derivatives not cleared by a CCP.

In this respect, the Regulation delegates powers to the European Commission
to adopt regulatory technical standards (RTS) on the level of capital and
collateral counterparties to derivatives transactions need to maintain,
type of collateral and segregation arrangements as well as on the
procedures to apply an intragroup exemption.

EBA, EIOPA and ESMA (the ESAs) are required to jointly develop draft
regulatory technical standards on these matters. This discussion paper
analyses possible options that the ESAs are currently considering for the
development of these draft technical standards.

In addition, following this discussion paper and on the basis of the
relevant input received, the ESAs will prepare draft technical standards
to be included in the consultation paper which will most likely be
published around summer 2012.

ESMA already published a discussion paper on 16 February on the draft RTS
and ITS which it is required to develop. The discussion paper is available
on ESMA website: http://www.esma.europa.eu/system/files/2012-95.pdf
(Link: http://www.esma.europa.eu/system/files/2012-95.pdf )

EBA is also publishing together with this joint discussion paper a
discussion paper on draft regulatory technical standards on capital
requirements for CCPs.

To facilitate an efficient processing of the information, it was agreed
between the three ESAs that ESMA will be centrally collecting the answers.

The consultation will end on Sunday 2 April, at 18.00 HRS CET.

All contributions should be submitted online at www.esma.europa.eu
(Link: http://esma.europa.eu ) under the heading
'Consultations'.

The Joint Discussion Paper can be accessed on the EIOPA website
(Link:
https://eiopa.europa.eu/consultations/consultation-papers/index.html ).

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