AI Summary of Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (Text with EEA relevance)
This Delegated Regulation supplements Regulation (EU) No 648/2012 (EMIR) and prescribes technical standards on indirect clearing, the clearing obligation, the public register, access to trading venues, non‑financial counterparties and risk‑mitigation for OTC derivatives not cleared by a CCP. It defines key terms and requires CCPs, clearing members and clients to maintain segregation, records, transfer and portability procedures, and to identify, monitor and manage risks while protecting indirect clients and confidential information.
The text sets ESMA notification and assessment criteria for imposing a clearing obligation (standardisation, liquidity, price availability), specifies the public register content and addresses liquidity fragmentation and access arrangements. It establishes clearing thresholds for non‑financial counterparties, phased rules for confirmations, portfolio reconciliation and compression, standards for marking‑to‑model, dispute resolution, intragroup exemptions and transitional timelines for implementation.
