Friday September 29 2017
News Source: Global Exchanges
Focus: Other
Type: General
Country: European Union
Link: http://ec.europa.eu/transparency/regdoc/rep/3/2017/EN/C-2017-6268-F1-EN-MAIN-PART-1.PDF
On 22nd September 2017, the European Commission published additions to the Regulation (EU) No 600/2014. These additions make provision for regulatory technical standards on indirect clearing arrangements. The new arrangements impose specific obligations on parties involved in indirect clearing arrangements.
The Arrangement confirm that Indirect Clearing Arrangements must be conducted only by parties who satisfy the definition of a clearing Participant in accordance with Regulation (EU) No 648/2012.
The Arrangements are also useful in defining what an Indirect Clearing Arrangement is:
“ the set of contractual relationships between providers and recipients of indirect clearing services provided by a client, an indirect client or a second indirect client” Regulation (EU) No. 648/2012 Art 1 (c).
Some of the Obligations imposed on non-direct clearing include:
- Obligation to open and maintain accounts
- Obligation to provide CCP with relevant information on a daily basis
For additional Information please click on the link above