ISDA has written two letters to the Commission, ESMA and EBA expressing its concern over aspects of EMIR:
- one letter points out that EMIR imposes significant obligations on clearing members of CCPs but that many issues on scope and timing of the obligations are not yet clear. EMIR will come into force 20 days after its publication in the OJEU (see above) and ISDA calls on regulators to clarify when certain parts, some subject to secondary measures not yet finalised, will apply; and
- the other letter deals with the ban on non-EU CCPs providing clearing services within the EU until recognised by ESMA. ISDA is worried that some key provisions of EMIR will “self-execute” to the detriment of those CCPs that already have clearing members in the EU. It is also worried EMIR may have the effect of causing non-EU CCPs to exclude EU firms from being clearing members. The letter suggests how ESMA might use its powers to clarify the position.