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European Market Infrastructure Regulation (EMIR)—timeline [Archived]

European Market Infrastructure Regulation (EMIR)—timeline [Archived] ARCHIVED: This timeline has been archived. For developments from January 2024 onwards, see: EU EMIR—timeline if they relate to EU EMIR, or UK EMIR—timeline if they relate to UK EMIR. For further guidance on EU EMIR, see Practice Note: EU EMIR—essentials. For further guidance on UK EMIR, see Practice Note: UK EMIR—essentials. Date Source Document Description 20 December 2023 ESAs ESAs propose extending the EMIR equity option exemptionESAs Final Report on bilateral margining of equity options The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published joint draft regulatory technical standards (RTS) under the European Market Infrastructure Regulation (EMIR), which aim to provide clarity to market participants on how to handle equity options as from 4 January 2024, the date on which the current temporary exemption is set to expire. The ESAs are proposing a two-year extension to the equity option exemption from bilateral margining. The ESAs have also published...

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The EU prudential regime for investment firms

The EU prudential regime for investment firms The Investment Firms Regulation (EU) 2019/2033 (IFR) and the Investment Firms Directive (EU) 2019/2034 (IFD) entered into force on 25 December 2019. The IFR began to apply with effect from 26 June 2021, with some exceptions. Member States were required to transpose the IFD into national law by 26 June 2021, and to apply the majority of those national measures from the same date. Under the IFR and IFD, most EU investment firms are subject to new, simpler prudential rules, while large, systemic firms that carry out bank-like activities and pose similar risks as banks are regulated and supervised like banks. Background to the IFR and IFD There are several thousand investment firms in all Member States in the European Economic Area (EEA). The bulk of these firms are small to medium-sized and focus on offering investment advice, receiving, transmitting and executing orders, and managing portfolios. Unlike credit institutions, investment firms do not take deposits or make loans. This means that they are...

The EU Unfair Terms in Consumer Contracts Directive

The EU Unfair Terms in Consumer Contracts Directive This Practice Note provides an overview of Council Directive 93/13/EEC of 5 April 1993, also known as the EU Unfair Terms in Consumer Contracts Directive (EU UTCCD). It provides details on the background, scope, enforcement, and on recent developments of the EU UTCCD. It explains the general prohibition of unfair terms, the ‘fairness test’, the grey list of unfair terms set out in the directive, and the consequences of a term being considered unfair. It also describes the transparency requirements laid down in the EU UTCCD. For more information on other key EU legislation protecting EU consumers, see Practice Note: Key EU consumer legislation—summary. For more information on EU case law related to consumer protection, see Practice Note: EU consumer protection cases tracker. Introduction to the EU UTCCD Background Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, also known as the EU UTCCD, protects European consumers from unfair terms and conditions which might be...

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European Commission 2022 work programme: financial services elements

The European Commission has published a communication outlining its work programme for 2022. Of key relevance to the financial services sector is the Commission’s better regulation agenda to ensure that regulation is targeted, easy to comply with and does not add unnecessary regulatory burdens. The 2021 Better Regulation Communication ‘Joining forces to make better laws’ sets out key ways to improve the quality of legislation and maximise its benefits.

The EMIR REFIT proposal

Banking & Finance analysis: Carolyn Jackson, partner at Katten Muchin Rosenman UK LLP and a P.R.I.M.E. Finance expert, discusses the recently adopted EMIR REFIT proposal including the key changes that it brings about, the benefits and challenges of these changes, and how practitioners can prepare for it coming into force.