EMIR, ESMA, CCPs: European Regulatory Calendar for Winter, Spring 2013

Although some key rules have yet to be finalized, the U.S. regulatory regime has, for the most part, entered into an implementation phase. On the other hand, European regulators are determined to establish a single rulebook that would streamline regulatory policy across the member states. While U.S. regulators deal with cross-border issues–with the CFTC being the victim of its own speed–European regulators are finalizing rules on swaps and attempting to come to terms with benchmark rate policy in the wake of Libor.

Below is a calendar for European regulation for the Winter and Spring.

January: EMIR and ESMA

  • New Swaps rules stemming from EMIR have been delayed for one month, until February 19. Apparently, Parliament did not have time to scrutinize the new rules, so they’ve extended the compliance finalization date by one month.
  • It is likely that CRD IV, an initiative that would stimulate bank capital and liquidity, is almost ready. Though the rules may be finalized in January, it is unlikely that they will be implemented quickly.
  • The period of ESMA consultation for interoperability guidelines relating to Central Counterparty (CCP) clearing comes to a close at the end of the month.

February: FSA

  • The FSA will finalize fund management and depository regimes early in the month. There will be more consultations, however, with a policy statement coming sometime in the summer. Additionally, look for FSA’s proposal regarding benchmark rates. This will be an early indicator of where global regulation may head on these rates.
  • Importantly, European regulators will likely agree upon the domain of EMIR and therefore trade reporting and clearing rules for OTC derivatives, including which derivatives will be covered by the rules. Look for an implementation phase later in the Spring.

March: ECB

  • Look for the European Central Bank to make a giant leap toward establishing a single rulebook. Although, as Financial News reports, implementation is unlikely until 2014.
  • Unless it is postponed, we will also a decision by the European Commission on resolution practices for central counterparties (CCP).


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