Brussels, 10/06/2016 (Agence Europe) - On Friday 10 June, the European Commission tabled new rules requiring certain derivative financial products denominated in three currencies - the Polish zloty, the Swedish krona and the Norwegian krone - to be cleared through central counterparties.
These new rules will be brought in for a transitional period of three years, in order to give small financial companies time to adapt, the European institution states in a press release.
This proposed delegated regulation, which will implement the EMIR regulation on derivative products (648/2012), has to be approved - or rejected en masse - by the Council and the European Parliament within a period of three months. It is the third raft of delegated regulations following the one to make the central clearing of certain over-the-counter interest rate derivatives (see EUROPE 11372) and certain CDS contracts obligatory (see EUROPE 11502). (Original version in French by Mathieu Bion)