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ESMA Seeks Delay for Clearing Extension
The European Securities and Markets Authority (ESMA) has asked the European Commission to delay the extension of mandated clearing to smaller counterparties. Due to a range of reasons, but in particular the fact that the relevant EU legislations are under review or still being finalised, ESMA says it proposes to postpone the phase-in period for central clearing of OTC derivatives applicable to financial counterparties with a limited volume of derivatives activity. ESMA’s report proposes to amend EMIR’s Delegated Regulations on the clearing obligation in order to prolong, by two years, the phase-in for financial counterparties with a limited volume of derivatives activity – those ones classified in Category Three under EMIR Delegated Regulations.

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