The new Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (EMIR) imposes a number of obligations on clearing members of CCPs. However, EMIR does not explicitly address a number of important issues as to the timing or scope of the application of these provisions. EMIR will be directly applicable and it is important that it is made clear that these obligations only apply to clearing members of existing EU CCPs when the CCP becomes authorised under EMIR and do not apply to clearing members of non-EU CCPs.
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