On April 14, the ESAs (European Supervisory Authorities) launched a consultation on the draft Regulatory Technical Standards (RTS) outlining the framework for the European Market Infrastructure Regulation (EMIR). The consultation is aimed at gathering public views on how to ensure a proportionate implementation of the requirements and will be open until July 14.
Given that RTS cover the risk management procedures for counterparties in non-centrally cleared OTC derivatives, the consultation will focus on the impact on small or medium-sized entities or entities from specific sectors as well as on operational capabilities, the special treatment for covered bonds swaps, the use of internal models and concentration limits.
A public hearing taking on this issue will also be held at the EBA premises in London on the 2nd of June.
Comments to this consultation can be sent until 14 July 2014 and all contributions received will be published following the close of the consultation.
Please find here the announcement regarding the public consultation.