Page 44 - 期货和衍生品行业监管动态（2023年12月刊）

期货和衍生品行业监管动态

proposing a two-year extension to the equity option exemption from bilateral

margining, as well as issue a no-action opinion.

Today’s draft RTS provide clarity to market participants on how to handle equity

options as from 4 January 2024, the date on which the current temporary exemption is

set to expire. More specifically, the ESAs are proposing to extend the temporary

exemption and are issuing a no-action Opinion which includes clarifications on the

supervisory expectations.

This interim solution comes in the context of the still ongoing EMIR Review

negotiations, which should provide a decision regarding the treatment of equity options

with respect to bilateral margining, and follows the letter sent by the ESAs on 13 June

2023 to the European Commission and the co-legislators, highlighting the need to have

a clear decision as part of the ongoing EMIR Review.

The ESAs take note of the amendments to EMIR agreed by the European
Parliament's Committee on Economic and Monetary Affairs (ECON Committee) on 28

November 2023 and at Coreper on 6 December 2023. These texts introduce specific

provisions on equity options, including a permanent exemption.

https://www.esma.europa.eu/press-news/esma-news/esas-propose-extending-emir-

equity-option-exemption

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