On 29 March 2012, the European Parliament adopted the legislative proposal for a regulation on OTC derivatives, central counterparties and trade repositories (see “Update Banking & Finance”, Issue 5, November 2011). The purpose of the regulation is to apply a strict regulatory regime to derivatives traded “over the counter” (OTC), comprising clearing obligations, reporting requirements and authorisation for central counterparties. In parallel with work on creating a European regulatory framework, the USA has introduced similar rules for OTC derivatives via the Dodd-Frank Wall Street Reform and Consumer Protection Act. A comprehensive presentation and comparison of the two systems is provided here: http://www.cmshs. com/Neue_Regulierung_OTCDerivate_ 0512
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New regulation of oOTC derivatives in the EU and the US – European Market Infrastructure Regulations (EMIR)
- CMS Hasche Sigle
- Axel Dippmann , Alexander Schmitt, M.Jur. (Oxon) and Dr Sabrina Salewski, LL. M.
- European Union
- May 31 2012
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Senior Patent Counsel
Royal DSM NV