ESMA Supervisory Briefing On AAR Under EMIR 3

The European Securities and Markets Authority (ESMA) has published a supervisory briefing on the representativeness obligation under the active account requirement (AAR), setting out its supervisory expectations for counterparties subject to the AAR. The AAR, under the revised European Markets Infrastructure Regulation (EMIR), requires in scope counterparties to clear a representative volume of trades through their active accounts at EU central counterparties (CCPs).... By: A&O Shearman