Draft RTS for EMIR
On 23 November 2020, the European Supervisory Authorities (ABE, EIOPA, ESMA) published a final report with draft RTS for EMIR, proposing to substitute certain novations and amend timelines for intragroup transactions and equity options.
- Novation substitution: the draft RTS allow UK counterparties to be replaced with EU counterparties without triggering the bilateral margin and clearing obligation requirements under certain conditions.
- Intragroup transactions: the amendments included in these draft RTS propose to extend the temporary exemption for 18 months for intragroup transactions.
- Equity options: the amendments included in the draft RTS on bilateral margin propose to extend the temporary exemption for single-stock equity options or index options for three years.
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