The European Securities and Markets Authority issued draft technical standards to govern clearing obligations regarding interest rate swaps. In response, among other things, the European Commission endorsed ESMA’s proposals but delayed the date certain frontloading obligations would apply, and added a new provision related to the treatment of non-European Union intragroup transactions. (Frontloading involves the obligation to clear swaps after a clearinghouse has been authorized under the European Market Infrastructure Regulation (EMIR) but before clearing is mandatory.) ESMA mostly agreed with the EC’s objectives, but proposed some additional amendments for the EC to consider.