The European Commission adopts the proposal to delay the clearing obligation for small financial counterparties (category 3)

Yesterday, the European Commission adopted the revised RTS (regulatory technical standard) on the clearing obligation for financial counterparties wit

Yesterday, the European Commission adopted the revised RTS (regulatory technical standard) on the clearing obligation for financial counterparties with a limited volume of activity (see previous regulatory update). The RTS delays the effective date of the clearing obligation for all Category 3 financial counterparties (i.e. non-clearing members with less than €8bn gross notional non-cleared OTC derivatives) for each of G4 interest rate swaps, interest rate swaps in non-G4 European currencies (SEK, NOK and PLN) and certain index CDS to 21 June 2019.

The RTS is now subject to a 3 month scrutiny period by the European Parliament and Council after which it will be published in the Official Journal.

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