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Information on Eurex Clearing’s EMIR application status and further timeline
No. 119/2013 Information on Eurex Clearing’s EMIR application status and further timeline
On 11 October 2013, Eurex Clearing received confirmation from its competent national authority BaFin(Federal Financial Supervisory Authority) that Eurex Clearing’s application under Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR) has been determined to be complete.
This confirmation results in the following timelines, as set out in EMIR:
· Within four months starting from 11 October 2013, the competent national authority (BaFin) shall conduct a risk assessment of Eurex Clearing and submit a report to the College of Supervisors.
· After the receipt of the risk assessment report, the College has 30 calendar days to reach a joint opinion determining whether Eurex Clearing complies with the EMIR requirements.
· Overall, EMIR anticipates a maximum of six months for the national competent authority to inform the applicant CCP in writing whether authorisation has been granted or refused, from the date of confirmation of completeness.
Please note that with the date of authorisation of Eurex Clearing as CCP under EMIR, certain requirements as laid down in EMIR and in relevant Commission Delegated Regulations immediately become mandatory to Members of the authorised CCP such as Article 39 (Segregation and Portability), for example.
Eurex Clearing would therefore recommend that all Members consider the timetable set out in this circular, in relation to their EMIR implementation planning and prepare their readiness accordingly.
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