On December 11, 2015, the Implementing Regulation on the extension of the transitional periods for own funds requirements for exposures to CPPs as set out in the Capital Requirements Regulation was published in the Official Journal of the European Union. The Implementing Regulation extends the transitional period for regulatory capital requirements for EU banks’ exposures to CCPs from December 15, 2015 to June 15, 2016. The extension is intended to allow further time for CCPs, both from the EU and from non-EU jurisdictions, to become authorized or recognized under the European Market Infrastructure Regulation. This is linked to the current consultation on margin holding  period for exchange-traded derivatives, published by the European Securities and Markets Authority on December 14, 2015, which should result in technical standards paving the way for recognition in the new year. The provision aims to minimize disruption to financial markets and to prevent institutions from being penalized through higher own funds requirements during the processes of authorization and recognition of existing CCPs. The Implementing

Regulation comes into effect on December 12, 2015.

The Regulation is available at: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:OJ.L_.2015.328.01.0108.01.ENG&toc=OJ:L:2015:328:TOC.

ESMA’s consultation on margin holding period is available at: https://www.esma.europa.eu/press-news/esma-news/esma-consults-margin-period-risk-ccps%E2%80%99-client-accounts.