EMIR - Risk management
On 17 February 2021, the following delegated regulations were published in the OJEU:
Delegated Regulation (EU) 2021/236 of 21/12/2020 amending the technical standards set out in Delegated Regulation (EU) 2016/2251 on the timing of application of certain risk management procedures for purposes of collateral exchange. Under this regulation, counterparties can state in their risk management procedures that variation margins do not need to be recorded or collected for physically settled foreign exchange forwards and swaps where one of the counterparties is neither an investment firm nor a credit institution. This new instrument equally caters to the issue of transfer within the EU of contracts originally executed between an EU-27 party and a UK party.
Delegated Regulation (EU) 2021/237 of 21/12/2020 amending the technical regulatory standards set out in Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 on the clearing obligation’s effective date for certain types of contracts (interest rate derivatives and credit default swaps).The new instrument includes proposals made by ESMA on 23 November 2020 on various cases of clearing exemptions.