ESMA提出与英国脱欧相关的规则变更
欧洲证券及市场管理局（ESMA）正在提议进行与英国脱欧相关的规则变更，旨在促进未清算的场外衍生品合约在欧洲大陆的更新。
欧盟(EU)监管机构在其旨在解决“无协议英国退欧”(no-deal Brexit)局面的第一套规则修正案中，提议对未清算的场外衍生品合约的清算义务进行有限豁免。这些合约在退欧后的12个月期间进行更新。
ESMA承认，在英国退欧失败的情况下，英国交易对手方不再能够在整个欧盟范围内提供服务。欧洲交易对手方可能需要更新其未清算的场外衍生品合约。用欧盟交易对手方取代英国交易对手方。然而，这可能会触发欧洲市场基础设施监管（Emir）下的清算义务，从而导致额外成本。因此，ESMA建议在英国退出欧盟后一年内将这些衍生合约免除清算义务。FIA呼吁对第三国投资公司采取对等措施
ESMA proposes Brexit-related rule change
The European Securities and Markets Authority (ESMA) is proposing a Brexit-related rule change that aims to facilitate novation of uncleared over-the-counter (OTC) derivatives contracts to the continent.
In its first set of rule amendments aimed at addressing a no-deal Brexit scenario, the EU watchdog proposes to introduce a limited exemption from the clearing obligation for non-cleared OTC derivatives contracts that are novated during the 12-month period after Brexit.
Esma acknowledged that in the event of a no-deal Brexit, where UK counterparties are no longer able to provide services across the EU, European counterparties may need to novate their non-cleared OTC derivatives contracts - replacing the UK counterparty with an EU counterparty.
This may however trigger the clearing obligation under the European Market Infrastructure Regulation (Emir), resulting in additional costs.
Esma therefore proposes to exempt those derivative contracts from the clearing obligation for a year following the UK’s exit from the EU.
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