Page 226 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

ESMA 已经将修订监管技术标准（RTS）的提案发送至欧盟委员会。此外，

ESMA 将继续定期评估 CT，以确保其符合目的并经过良好校准，特别是在市场

环境发生重大变化的情况下。

ESMA Proposes EUR 1 Billion Increase of the Commodity Derivatives EMIR

Clearing Threshold (2022/6/3)

The European Securities and Markets Authority (ESMA), the EU securities

markets regulator, today publishes its Final Report on the increase of the commodity

derivatives EMIR clearing threshold (CT), and proposes to increase the CT from EUR

3 billion to EUR 4 billion.

The Final Report considers:

 the need for structural changes in the way the CTs should be
calculated (i.e., distinguishing between cleared vs. non-cleared transactions

rather than between ETD and OTC);

 the time that it will take for these changes to be effective; and

 the exceptional circumstances that non-financial counterparties

(NFCs) are facing.

ESMA published a discussion paper on the review of the CTs that ran from 21

November 2021 to 19 January 2022. The feedback received provided valuable input

for changes to EMIR Level 1, recommendations that ESMA sent to the European

Commission (EC) in its high-level response to the Consultation on the targeted review

of the central clearing framework in the EU, and also called for immediate action

regarding challenges faced by NFCs entering into commodity derivatives.

Next steps

ESMA has sent the proposal for amendment of the RTS to the EC. Additionally,

ESMA will continue to periodically review the CTs to ensure they are fit for purpose

and well-calibrated, in particular in the case of material changes in market

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