On 18 September 2012, the European Commission published issue 4 of DG Internal Market and Services’ (DGIM) Info Letter on Post-Trading.
In general, the Info Letter is a very useful summary regarding the background and current status of a number of global and EU financial services initiatives, including:
- a regulatory framework for CSDs;
- the status of EMIR; and
- the continuing work of the International Institute for the Unification of Private Law (UNIDROIT) to finalise the “Draft principles regarding the enforceability of close-out netting provisions”.
Crisis Management of Financial Market Infrastructures (FMI)
With respect to RRP, DGIM noted that the creation of the right tools to allow for the orderly resolution of systemically important FMIs is a priority for the EU Commission. The focus will be on Central Counterparties and Central Securities Depositories. It is hoped that a legislative proposal in this area will be presented early in 2013.