Final Report on draft RTS on uncleared OTC derivatives
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ESAs' final report with draft RTS amending Delegated Regulation 2016/2251 to extend the initial margin exemption to existing contracts when a counterparty falls below €8 billion in average notional. The text is sent to the Commission for adoption as a delegated regulation.
Key points
- The threshold is measured on the March-May average notional of the previous year
- Solves practical problems of keeping margins only on the legacy portfolio
- Includes consultation of the ESAs' stakeholder groups
Who is affected
Uncleared OTC derivative counterparties and supervisors
Deadlines
Pending Commission adoption and non-objection by Parliament and Council
Plain-language version
The final report by the EBA, EIOPA and ESMA, the EU authorities that watch over banks, insurers and markets, with a binding technical standard (RTS) on derivatives agreed directly between two parties. Until now, firms falling below 8 billion euros were only spared posting collateral on new contracts; now old ones are covered too. The Commission still has to adopt it.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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