On October 2, 2015, ESMA sent a letter to Jonathan Hill, Commissioner for Financial Stability, Financial Services and CMU at the European Commission on the Regulatory Technical Standards for indirect clearing for OTC derivatives under the European Market Infrastructure Regulation and the draft RTS on exchange-traded derivatives under the Markets in Financial Instruments Regulation. Both the final RTS under EMIR and the draft RTS under MiFIR aim to specify the types of indirect contractual arrangements that do not increase counterparty risk. Under MiFIR, the draft RTS on indirect clearing must be consistent with the RTS under EMIR. ESMA considers that the RTS under EMIR need to be revised to take into account the feedback received on the proposed draft RTS under MiFIR. ESMA therefore intends to consult on the possible changes to the EMIR RTS to align them with the draft MiFIR RTS. ESMA will submit the draft MiFIR RTS and draft amended EMIR RTS to the Commission together, following its consultation.
The letter is available at: http://www.esma.europa.eu/news/ESMA-informs-European-Commission-delay-submitting-RTS-indirect-clearing-under-MiFIR?t=326&o=home.
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