ESMA Regulation - Discussion Paper - Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories - February 16, 2012

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This discussion paper seeks stakeholders views on the regulatory and implementing technical standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories as agreed at the Trilogue meeting of February 9, 2012 (the Regulation).

This discussion paper follows the structure of EMIR (European Market Infrastructures Regulation), with the first section focusing on OTC derivatives and in particular the clearing obligation, risk mitigation techniques for contracts not cleared by a CCP and exemptions to certain requirements. The second part focuses on CCP requirements, where a number of provisions need to be specified through technical standards. The third part deals with trade repositories and in particular the content and format of the information to be reported to trade repositories, the con-tent of the application for registration to ESMA and the information to be made available to the relevant authorities.

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