Podcast Location:
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Categories:
Banking and Financial Services
CPD Points:
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Regulated by the Solicitors Regulation Authority:
Listen and pass the quiz: Gain 1 CPD point (60 minutes)
Listen only, gain ½ a CPD point (30 minutes)

Regulated by the Bar Standards Board:
Listen and pass the quiz: Gain 1 accredited CPD point (60 minutes)

Regulated by ILEX:
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Cost:
  • FREE
Length:
30 minutes of audio
(+ optional 5 minute online quiz)
Plays on Computer:
Yes Downloadable as MP3:    Yes
Contributor(s):
Course Aims:

This CPDcast offers a detailed and expert review of the regulation of derivatives under European Market Infrastructure Regulation and the Markets in Financial Instruments Directive II. It outlines the essential details of the regulation, including which entities which come under the scope of derivative regulation under EMIR and the issues that have arisen in relation to the “frontloading” requirements under EMIR.

It also provides industry insight on complex areas such as the hedging exemption, collateral requirements and the applicability of EMIR to transactions entered into by entities outside the EU.

Outcomes:
After completing the course you will:
  • Understand which entities come under the scope of derivative regulation under EMIR;
  • Understand the contracts to which the obligation to clear OTC derivatives apply and when is it expected to come into effect;
  • Be aware of the issues that have arisen in relation to the “frontloading” requirements under EMIR;
  • Have considered the types of derivative contracts that are potentially subject to the clearing obligation;
  • Be able to explain the hedging exemption for determining whether non-financial counterparties will be subject to the clearing obligation and what conditions apply;
  • Understand the requirements for derivatives that are not subject to the clearing obligation;
  • Have considered the rules relating to collateral requirements;
  • Have considered the reporting requirements.
Level:
Specialist Difficulty: 5 of 5
Classification:
Legal Principles
Sources and References:
  • The European Union regulation on derivatives, central counterparties and trade repositories (EMIR);
  • European Securities and Markets Authority (ESMA) Final Report – Draft Technical Standards under EMIR on contracts with a direct, substantial and foreseeable effect within the Union and non-evasion ;
  • Markets in Financial Instruments Directive (MIFID) II.
Tags:

In this CPDcast Peter Green, capital markets partner from Morrison & Foerster discusses the regulation of derivatives under European Market Infrastructure Regulation and the Markets in Financial Instruments Directive II.

Date Recorded: 3rd June 2014

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