European Union: Projet de règlement de la Commission européenne modifiant le règlement 648/2012 dit « règlement EMIR »

Le 4 mai 2017 la Commission européenne a publié un projet de règlement modifiant plusieurs articles du Règlement EMIR à la suite des nombreux avant-projets et consultations qui avaient été entrepris dans le cadre d'une éventuelle modification de ce règlement.

Certains changements importants sont résumés ci-dessous :

  1. L'élargissement de la définition des contreparties financières. Celle-ci inclut désormais les dépositaires centraux et certaines entités de titrisation.
  2. Les obligations de déclaration ont été simplifiées :

    • les contreparties centrales effectueront les déclarations pour le compte des deux contreparties pour les dérivés autre que les dérivés de gré à gré,
    • les contreparties financières effectueront les déclarations pour le compte des deux contreparties lorsqu'elles concluent des dérivés de gré à gré avec des NFC-,
    • le backloading est supprimé,
    • les transactions intragroupes sont exemptées dès lors qu'une des deux contreparties est une contrepartie non financière.
  1. Allègement des obligations de compensation des contreparties non financières :

    • seuls les contrats autres que ceux de couverture sont pris en compte pour calculer le seuil de compensation,
    • ne seront compensés que les dérivés qui dépassent ce seuil de compensation.
  1. Le projet prévoit désormais que les contreparties financières ne seront pas nécessairement soumises aux obligations de compensation. Ces dernières pourront en être exemptées lorsqu'elles pourront démontrer que leur montant moyen agrégé d'encours de dérivés de gré à gré sur les mois de mars, avril, mai est inférieur à 8 milliards.
  2. Le frontloading a été supprimé.
  3. Extension du délai d'exemption pour les fonds de pension à trois ans.
  4. Possibilité de suspension des obligations de compensation dans un délai de 48 heures renouvelable pour trois mois.

L'ensemble de ces propositions seront soumises au Parlement et au Conseil européen pour modification et validation.

L'AMF s'était positionnée, le 2 mai 2017, sur certains des points évoqués dans le projet sur le statut des « petites contreparties financières ».

La position de certains régulateurs nationaux et du législateur européen semble donc s'aligner sur les attentes légitimes du marché.

COMMUNICATION DE LA COMMISSION AU PARLEMENT ET AU CONSEIL EUROPEENS AINSI QU'A LA BANQUE CENTRALE EUROPEENNE

Dans cette communication du 4 mai 2017 concomitante au projet de modification du Règlement EMIR, la Commission rappelle les principaux enjeux des infrastructures de marché et notamment l'obligation d'assurer la stabilité et la résilience des contreparties centrales.

Cette communication reprend les points essentiels évoqués dans la lettre de la Commission ECON du 22 mars 2017 relative aux procédures de redressement et de résolution bancaire des chambres de compensation.

Les points abordés concernent le renforcement des obligations de gouvernance et de supervision des contreparties centrales ainsi que le statut et la reconnaissance des contreparties centrales de pays tiers.

Au vu de ces éléments la Commission présentera en juin un projet de règlement à cet effet.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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