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An act specifying when commercial terms of central clearing are fair, reasonable, non-discriminatory and transparent

Banking and financial services

As of 18 June 2021, the new Article 4(3a) of the European Market Infrastructure Regulation (Regulation (EU) 648/2012 (EMIR)) as amended by Regulation (EU) 2019/834 obliges clearing members of central counterparties (CCPs) and clients who provide clearing services, whether directly or indirectly, to provide those services under fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms. The delegated act will specify the conditions under which this requirement is met.

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Public consultation

ID: 12343

Lobbying Activity

10 responses

Consultation response

Intesa Sanpaolo, 1 Apr 2021

We are pleased to reply to this consultation and would like to draw EC attention on specific issues extremely critical for us. A.Delegated Regulation (DR) Implementation period (Art.3): 1) We are pleased to notice that EC acknowledges (Recital 8) the need to give clearing service providers (CSPs)…

Consultation response

Association Française de la Gestion financière, 7 Apr 2021

Please find attached the French Asset Management Association (Association Française de la Gestion financière, AFG) comments on the Annex of this consultation.

ISDA Urges EU to Limit Scope of Clearing Service Rules

International Swaps and Derivatives Association, 7 Apr 2021

The associations advocate for the scope to be limited to EU clearing houses and apply only to new clients. They suggest a six to twelve month implementation period to prepare documentation.
Clearing members would avoid duplicative regulatory burdens and conflicting jurisdictional requirements.
Clients lose the right to receive written justifications when their clearing requests are rejected.

Consultation response

Citadel LLC, 7 Apr 2021

Please see attached.

Consultation response

FIA European Principal Traders Association, part of FIA, Inc., 7 Apr 2021

Please find comments by the FIA European Principal Traders Association (FIA EPTA) in the attached document.

Consultation response

Stichting European Federation of Energy Traders (We operate under the name Energy Traders Europe), 2 Apr 2021

The European Federation of Energy Traders (EFET) supports the development of FRANDT principles and considers the Delegated Act a needed and welcomed step forward for a better trading regime. We would welcome an extension of the FRANDT principles to cover all derivatives available for clearing at…

Consultation response

Futures Industry Association, Inc., 7 Apr 2021

FIA and ISDA (the Associations) welcome the opportunity to respond to the European Commission’s draft Delegated Regulation supplementing Regulation (EU) No 648/2012 by specifying the conditions under which the commercial terms for clearing services for OTC derivatives are to be considered to be…

Consultation response

Swedish Securities Markets Association (Swedish: Föreningen Svensk Värdepappersmarknad), 7 Apr 2021

See attached file

Consultation response

Mn Services N.V., 7 Apr 2021

Dear European Commission, Please find attached our feedback.

Consultation response

Association of Proprietary Traders, 7 Apr 2021

See attached file