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European Commission Requests Comments on Treatment of Foreign Exchange Instruments Under EMIR



by Sutherland Asbill Brennan LLP - Washington Office

April 30, 2014

Previously published on April 24, 2014

On February 14, 2014, the European Securities and Markets Authority (ESMA) requested that the European Commission (EC) clarify the definition of “derivative” or “derivative contract,” and particularly the definition of currency derivatives and physically settled commodity forwards, for purposes of determining which derivative contracts are subject to regulation under the European Market Infrastructure Regulation (EMIR). In response to part of ESMA’s request, on April 10, 2014, the EC published a consultation paper on foreign exchange (FX) financial instruments (the Consultation Paper). Market participants that engage in FX transactions, and are subject to EMIR or indirectly impacted by EMIR (as a result of their derivatives contracts with counterparties in the European Union (EU)), should review the Consultation Paper and consider whether or not to provide comments to the EC. The EC has requested public comments on the Consultation Paper by May 9, 2014.


 

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