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FIA commends European Commission for improvements to EMIR 2.2 Delegated Acts and stresses concerns about timing of equivalence decisions

9 July 2020

FIA today responded to the European Commission consultations on EMIR 2.2 Delegated Acts for the criteria for tiering and classifying a third-country CCP as systemically important and comparable compliance for Tier 2 third-country CCPs. The response was submitted jointly with the International Swaps and Derivatives Association (ISDA).

Overall, FIA appreciates the European Commission working with the industry to achieve pragmatic solutions and for adding predictability and proportionality to the Delegated Acts, which lead to a balanced approach for all third-country CCPs. FIA thanks the Commission for considering many of the industries’ comments. Therefore, today’s comments provided by FIA and ISDA to the proposed Delegated Acts through the Better Regulation consultation process are of a clarificatory nature and seek to offer some helpful suggestions.

“The finalisation of EMIR 2.2 is important for the purpose of allowing continued access for EU counterparties and their clients to deep liquidity pools in the UK,” said FIA President and CEO Walt Lukken. “It is critical that UK CCPs continue to operate either under the finalised EMIR 2.2 or under temporary equivalence until such decisions can be made. We look forward to the EU taking swift action so there is no disruption in the market.”

FIA would welcome confirmation from the Commission that it intends to adopt equivalence decisions under the fully finalised EMIR 2.2 framework or temporary equivalence for the UK's regulatory framework for CCPs until all required steps of the EMIR 2.2 framework have been fully implemented. It is critical that the Commission provides this certainty in a timely fashion to mitigate the effects on EU counterparties and clearing members.

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