• Commodity dealers exemption from capital requirements to be extended: In a report published on 14 December 2015, the European Banking Authority (EBA) recommended that the exemptions for commodities dealers from the capital and large exposures provisions of the Capital Requirements Regulation (CRR) be extended until a new regulatory capital regime has been adopted, or at the latest until 31 December 2020. On 16 December, the European Commission announced its proposal, in the form of a draft Regulation, to extend the CRR exemptions until the end of 2020 for commodity dealers, unless an alternative regime for commodity dealers is put in place before then.
  • Transitional period for CCP exposures extended: On 12 December 2015 the European Commission published a regulation extending for a further six months until 15 June 2016 the transitional period related to own funds requirements (under the CRR) for exposures to CCPs. This allows time for further progress to be made in the EU’s recognition of third country CCPs without firms facing higher regulatory capital requirements in the interim where they clear through a non-EU recognised CCP. See below under “EMIR” regarding ESMA’s consultation on the margin period of risk.