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Adoption of delegated regulations on indirect clearing under EMIR and MIFIR

18/01/2018

On 22 September 2017, the European Commission published two Delegated Regulations – one supplementing EMIR and one supplementing MiFIR – on indirect clearing arrangements.

On 22 September 2017, the European Commission published two Delegated Regulations – one supplementing EMIR and one supplementing MiFIR – on indirect clearing arrangements. The aim of the texts is to:

  • simplify and clarify the requirements that relate the management of the default of a client providing indirect clearing services;
  • adapt account structures in order to rationalise the offering of indirect clearing services;
  • allow indirect clearing services to be provided in chains going beyond the client of a direct client provided that appropriate and equivalent protection is ensured throughout the chain; and set out homogeneous requirements for indirect clearing arrangements relating to both OTC and ETD derivatives.
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