The New Margin Requirements and Risk Mitigation Techniques for Uncleared Swaps under EMIR: Analysing the Recently Released Final Draft Regulatory Technical Standards (RTS)

After months of anticipation, the final draft Regulatory Technical Standards (RTS) covering margin requirements for uncleared swaps under EMIR (European Market Infrastructure Regulation) were published by the European Supervisory Authorities (ESAs) on 8 March 2016: Regulatory Technical Standards on Risk-Mitigation Techniques for OTC Derivative Contracts Not Cleared by a Central Counterparty under Article 11(15) of Regulation (EU) No 648/2012.The RTS have been submitted by the ESAs to the European Commission for adoption.
The previously proposed timetable for implementation of the rules remains unchanged with the largest dealers being subject to both the variation margin (VM) and initial margin (IM) requirements from 1 September 2016. All other entities within the scope of the rules will be subject to the VM requirements from 1 March, 2017, with the IM requirements phased in from 1 September 2016 to 1 September 2020 based on trading volumes.
This call is essential listening if you are a significant user of OTC derivatives:

  • In the EU or
  • Outside the EU and concerned about the extraterritorial reach of the provisions

Mayer Brown partners Edmund Parker, Chris Arnold and Patrick Scholl and senior associate Marcin Perzanowski will provide an overview of the new RTS and discuss practical implications including:

  • Who will be affected and when (including the new intra-group rules)
  • What products are covered
  • New rules for initial margin and variation margin
  • Collateral and segregation requirements
  • New risk mitigation requirements and techniques
  • Legal and documentation challenges: what is being done and what has to be done

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Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

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