Summary
The European Parliament supports an extension of exemptions for certain derivative contracts to help EU companies move their business from the UK without facing new, unexpected regulatory costs. 9 09.02.2021
Other
finance
economy
business and competition
financial institutions and credit
Key points
- The European Parliament has decided not to object to the Commission's regulation regarding clearing obligations for specific contracts.
- The measure provides relief for EU companies moving their business (novating contracts) from the United Kingdom to EU Member States.
- This relief prevents new contracts from being subject to unexpected clearing obligations or collateral requirements that were not in the original deals.
- The current exemptions are extended for a fixed period of 12 months from when the regulation enters into force.
Documents (PDFs)
RECOMMENDATION FOR A DECISION to raise no objections to the Commission delegated regulation of 21 December 2020 amending regulatory technical standards laid down in Delegated Regulations (EU) 2015/2205, (EU) 2016/592 and (EU) 2016/1178 as regards the date at which the clearing obligation takes effect for certain types of contracts
Non-objection to a delegated act: amending regulatory technical standards as regards the date at which the clearing obligation takes effect for certain types of contracts
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