Banks welcome Esma clarification on foreign subsidiaries

Changes mean some guarantees will not count towards the threshold for compliance, reducing the chance of foreign subsidiaries outside EU being caught by Emir

Esma HQ, Paris

European regulators have clarified their stance on the treatment of guaranteed third-country entities under the European Market Infrastructure Regulation (Emir), with market participants saying supervisors have reached "a logical conclusion" on the issue.

The question of guaranteed third-country entities rose to the surface last September after two industry associations warned the regime, which subjects the non-EU subsidiaries of European banks to Emir's clearing and margining rules, was

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