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Eurex Clearing
Following Eurex Clearing Circular 119/2013, Eurex Clearing would like to provide further information to its Members about the status and timeline of Eurex Clearing’s application process under EMIR as basis for their readiness planning.
On 1 August 2013, Eurex Clearing submitted its application to the competent national authority BaFin (Federal Financial Supervisory Authority) for authorisation pursuant to Art. 14 (1), Art. 17 of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’). The application was determined as complete on 11 October 2013 by BaFin.
Pursuant to EMIR Art. 19, BaFin has conducted a risk assessment of Eurex Clearing’s application and described the outcomes in a report. The risk report by BaFin concluded full EMIR compliance of Eurex Clearing’s application. The risk report was submitted to the College established for Eurex Clearing on
10 February 2014.On 10 March 2014, 30 calendar days after submission of the report, EMIR required the College to form an opinion on basis of the risk report.
Eurex Clearing was informed by BaFin that the College has voted on the opinion and a joint opinion has not been reached. BaFin will take into consideration the outcome of the vote and will inform Eurex Clearing about the next steps in the authorisation process in due course. Therefore we can not exclude the possibility that there might be a delay compared to the timeline communicated in Eurex Clearing Circular 119/2013 in October 2013.