ISDA commente le régime de seuil de compensation

ISDA Response to ESMA on Clearing Threshold Regime

Introduction

The International Swaps and Derivatives Association (ISDA) has recently provided a detailed response to the European Securities and Markets Authority (ESMA) regarding the new clearing threshold (CT) regime. This regime, introduced under the European Market Infrastructure Regulation (EMIR 3), is a significant development in the regulation of derivatives markets in Europe. The ISDA's response is crucial as it addresses several key aspects of the regime, including data analysis, interaction with active account requirements, and proposes an implementation approach that aligns with the European Union's agenda for simplification and burden reduction.

Key Aspects of ISDA's Response

Data Analysis and Interaction with Active Account Requirements

ISDA's response to ESMA's consultation highlights the importance of robust data analysis in the implementation of the new CT regime. The association has scrutinized the data analysis provided by ESMA, emphasizing the need for accurate and comprehensive data to ensure the regime's effectiveness. Furthermore, ISDA discusses the interaction with active account requirements, particularly focusing on condition 2 of EMIR 3 Article 7a(1). This condition is pivotal as it determines the obligations of financial and non-financial counterparties under the new regime.

Proposed Implementation Approach

In its response, ISDA proposes an implementation approach that is tailored to both financial and non-financial counterparties. This approach is designed to be in line with the European Union's broader agenda of simplification and burden reduction. By proposing a streamlined implementation process, ISDA aims to facilitate compliance for counterparties while ensuring that the regulatory objectives of EMIR 3 are met.

Next Steps

Following the consultation, ESMA will consider the feedback received from ISDA and other stakeholders. The authority will then proceed to draft the final regulatory technical standards, which will be submitted to the European Commission for approval. This process is a critical step in the formal adoption of the new CT regime, and the feedback from industry participants like ISDA will play a significant role in shaping the final standards.

Conclusion

The ISDA's response to ESMA's consultation on the new clearing threshold regime under EMIR 3 is a comprehensive and well-considered contribution to the regulatory process. By addressing key issues such as data analysis and proposing a practical implementation approach, ISDA is helping to ensure that the new regime is both effective and manageable for market participants.

Quelques pistes pour l'intégration opérationnelle dans votre dispositif :

- Évaluer l'impact des nouvelles exigences de seuil de compensation sur vos opérations.

- Mettre en place des systèmes robustes pour la collecte et l'analyse des données nécessaires à la conformité.

- Collaborer avec des experts en conformité pour adapter votre stratégie d'entreprise aux nouvelles normes réglementaires.

- Participer activement aux consultations et dialogues avec les autorités de régulation pour influencer les développements futurs.

- Former votre personnel sur les nouvelles exigences et les meilleures pratiques en matière de conformité réglementaire.