The European Commission has written to Steven Maijoor, the Chair of the European Securities and Markets Authority (ESMA) to extend the deadline for ESMA to provide its technical advice on the equivalence between certain third country legal and supervisory frameworks and the Regulation No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR).    

The original deadline for delivery of the advice was 15 March 2013.  However, the Commission recognises the importance of enabling ESMA to take account, and consider the implications, of ongoing international discussions and, in particular, the recent commitment of the OTC derivatives regulators group to consider the stage and form of implementation of OTC reforms across different jurisdictions.

Accordingly, the Commission has now asked ESMA to deliver its advice on Japan and the USA by 15 June 2013 and, in respect of the remaining countries specified in the Commission’s 0riginal request, by 15 July 2013.