Esma takes ‘pragmatic’ stance on Emir evasion
Esma seeks to apply Emir overseas only where EU-guaranteed financial entities trade under non-equivalent regimes – while corporates are given free rein
Lawyers have welcomed what they see as a pragmatic attempt by the European Securities and Markets Authority (Esma) to prevent European Union (EU) entities dodging the region's incoming clearing and reporting requirements, which are contained in the European Market Infrastructure Regulation (Emir). The draft technical standards, published on July 17, apply to trades executed outside the EU, which have a "direct, substantial and foreseeable effect within the Union".
"It's a welcome and pragmatic
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