Summary
The European Parliament supports a regulation to ensure financial stability during a potential no-deal Brexit by allowing continued risk management for certain derivative contracts. 10 13.02.2019
Other
economy
finance
european union
financial institutions and credit
Key points
- The regulation serves as part of the contingency package to manage transactions between UK and EU-27 counterparties in a no-deal Brexit scenario.
- It allows for the continuation of risk-management procedures for specific OTC derivative contracts that are not cleared through a central counterparty.
- A 12-month exemption is provided for transactions where a UK counterparty is replaced by an EU-27 counterparty.
- The Parliament expressed concern that the Commission's changes to technical standards should not result in a shortened parliamentary scrutiny period.
Documents (PDFs)
RECOMMENDATION FOR A DECISION to raise no objections to the Commission delegated regulation of 19 December 2018 amending Delegated Regulation (EU) 2016/2251 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards the date until which counterparties may continue to apply their risk-management procedures for certain OTC derivative contracts not cleared by a CCP
Non-objection to a delegated act: date until which counterparties may continue to apply their risk-management procedures for certain OTC derivative contracts not cleared by a CCP
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