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On 8 May 2014, ESMA sent a letter to the European Commission in
relation to its intention to ease certain front-loading
requirements under EMIR. Front-loading refers to clearing
obligations under EMIR, which require counterparties to centrally
clear certain derivative trades entered into after a central
counterparty has been authorised under EMIR to clear such
transactions but before the EMIR clearing obligation comes into
force. ESMA has informed the Commission that it plans to establish
the front-loading requirements in a way that will minimise
uncertainty. ESMA believes that the front-loading procedure can
create uncertainties for derivatives end-users in situations where
precise terms of a clearing obligation have not yet been defined,
which can cause an adverse impact on risk hedging and financial
stability.
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