EMIR Licensing Date Modification

UniCredit Bank Hungary Zrt.
Summary: 
Pursuant to the decision of the European Commission, the deadline to comply with the European Market Implementation Regulation (EMIR) was modified to 15 December 2014.
Thu, 12/06/2014

Dear Client,

The European Commission has issued a resolution on 3 June 2014 according to which, the deadline to comply with EMIR was moved to 15 December 2014. The original date was 15 June 2014, until which, the clearing houses had to obtain EMIR compliant licence to continue providing CCP services under EMIR. The extension of the deadline was necessary since until now, the European Securities Markets Authority (ESMA) College could assess the applications of only 6 out of the 21 clearing houses submitting the license application and the two weeks are not sufficient to assess the remaining 15 applications.

Impact on investors: The ESMA College that decide on the EMIR license application of KELER CCP Ltd. will be convened soon. The extended deadline to issue licenses has no impact on the partners of KELER CCP Ltd. and on the level of the applicable capital requirements.