EBA欧洲银行-Errata-corrige-to-JC-CP-2014-03_2页_181kb

Corrigendum Summary for JC/CP/2014/03

Core Content

This document is a corrigendum (amendment) to the Consultation Paper JC/CP/2014/03, which originally proposed draft regulatory technical standards on risk-mitigation techniques for OTC-derivative contracts not cleared by a Central Counterparty (CCP) under Article 11(15) of Regulation (EU) No 648/2012. The corrigendum addresses specific errors in the original consultation paper and provides corrected references.

Main Points

• Purpose: The corrigendum aims to correct errors in the original consultation paper, particularly in the references to legal texts.
• Scope: It pertains to OTC-derivative contracts that are not cleared by a CCP, and it outlines risk-mitigation techniques required under Article 11(15) of Regulation (EU) No 648/2012.
• Regulatory Context: The amendments are part of the European Union's framework for regulating over-the-counter (OTC) derivatives, aiming to enhance market transparency, systemic risk mitigation, and financial stability.

Key Corrections

Main Views

• The corrigendum highlights the importance of accurate legal references in regulatory documents to ensure compliance and clarity.
• It underscores the need for standardized risk-mitigation measures in OTC derivatives to reduce systemic risk.
• The corrections are primarily related to references to legal provisions, specifically:
  • Adjusting the LEC (Legal Entity Classification) numbering from 5 to 4 in Articles 3 LEC 1.(a), 1.(b), and 2.
  • Correcting the reference to Regulation (EU) No 574/2013 to Regulation (EU) No 575/2013 in Article 3 GEN 1.(e).
• These changes are minor but essential for the proper interpretation and implementation of the regulatory standards.

Key Information

• The original consultation paper was published on 14 May 2014.
• The corrigendum was issued to address errors in the legal references of the draft standards.
• The corrections are effective from the date of publication of the corrigendum.
• The regulatory framework in question includes:
  • Regulation (EU) No 648/2012 (EMIR): Governs the regulation of OTC derivatives in the EU.
  • Regulation (EU) No 575/2013 (CRR): Provides capital requirements for credit institutions and investment firms.
• The risk-mitigation techniques outlined in the consultation paper are intended to ensure market stability and reduce counterparty risk in the OTC derivatives market.

Conclusion

The corrigendum to JC/CP/2014/03 is a technical update to the original consultation paper, focusing on correcting legal references to ensure consistency and accuracy in the regulatory text. These adjustments are critical for the effective implementation of the risk-mitigation standards for OTC-derivative contracts not cleared by a CCP.