On Dec. 12, EUREX Clear issued implementation requirement rules.
EUREX Clear issued circular 093/24 EMIR on implementation of requirements according to regulation 2024/2987 (EMIR 3.0) into the EUREX Clear legal framework.
Clearing Conditions Amendments
Circular announced information on the EUREX Clear service offering and introduced amendments to its Clearing Conditions and to Statutes for the EMIR Risk Committee.
Contemplated amendments to the Clearing Conditions and the Statutes for the EMIR Risk Committee implement additional requirements introduced by EMIR 3.0.
EMIR 3.0 amends regulations 648/2012, 575/2013 and 2017/1131 on measures to mitigate excessive exposures to third-country central counterparties and improve the efficiency of Union clearing markets (EMIR 3.0), which foresee the following changes.
Amendments to Article 28 EMIR foresee that EUREX Clear must inform GE BaFin and ESMA if EUREX Clear deviates from a recommendation by the EMIR Risk Committee.
ESMA has to be able to attend EMIR Risk Committee meetings in a nonvoting capacity.
Due to changes to Article 37(1) EMIR, CCP’s admission criteria shall foresee that no CCPs shall become a Clearing Member or Disclosed Direct Client; pursuant to new Art 37(1a) EMIR, non-financial counterparties shall only become clearing members if they can show how they intend to fulfil margin requirements and Default Fund Requirement.
Following Clearing Conditions provisions will be amended per Attachment 1: Chapter I Part 1 Number 1.5.3, and Number 2.1.2 (2) (e) and Part 6 Subpart B No 1.1 (6).
And § 8 of Statutes for the EMIR Risk Committee will be amended, per Attachment 2.
Required Action
Clearing Members, ISA Direct Clearing Members, Disclosed Direct Clients, FCM Clearing Members, vendors, affected contractual parties should take changes into account.
Effectiveness
The planned effective date for these amendments is Jan. 13, 2025.
