In this issue, we look at key developments in European financial and data protection law: ESMA has published several consultations and reports on increasing transparency in derivatives transactions, simplifying transaction reporting and the “active account” obligation under EMIR 3. There is also important input on the data protection-compliant use of cloud services and the cross-border enforcement of the GDPR in the EU.
Table of Contents
- ESMA consultation on margin transparency and clearing costs
- ESMA: Consultation on the simplification of financial transaction reporting
- Final report on EMIR 3: Obligation to maintain an active account
- DSK: Resolution on “Confidential Cloud Computing”
- EU: Agreement on better enforcement of the GDPR in cross-border procedures
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ESMA consultation on margin transparency and clearing costs
Applicable for:
Compliance officers, risk management, trading desks, investment firms, CCPs, institutional investors
Actions required:
- Review current internal processes for margining and disclosure of clearing costs
- Participation in the consultation to ensure industry-specific interests are taken into account
- Assessment of potential transparency obligations for existing and future business models
ESMA: Consultation on the simplification of financial transaction reporting
Applicable for:
Reporting institutions, compliance officers for EMIR/MiFIR, financial institutions, reporting platforms, legal reporting teams
Measures required:
- Review of current reporting processes and identification of optimization potential
- Analysis of ESMA proposals for impact on existing systems
- Internal coordination between business, IT and compliance to prepare for future harmonization of reporting requirements
Final report on EMIR 3: Obligation to maintain an active account
Applicable for:
EU branches of third country banks, treasury departments, derivatives trading compliance, clearing clients
Measures required:
- Implementation of the obligation to open and actively use an account with an EU CCP
- Review of existing clearing processes and adaptation to EU regulations
- Enter into dialog with clearing brokers and CCPs to clarify technical and contractual requirements at an early stage
DSK: Resolution on “Confidential Cloud Computing”
Applicable for:
Data protection officers, IT security, CIOs, cloud managers, controllers pursuant to Art. 24 GDPR
Measures required:
- Technical and organizational assessment of existing cloud infrastructures for confidentiality
- Documentation of data protection-compliant measures in accordance with DSK specifications
- Integration of DSK criteria into future cloud procurement processes
EU: Agreement on better enforcement of the GDPR in cross-border procedures
Applicable for:
Data Protection Officers, Legal & Compliance, companies with activities in several EU member states
Measures required:
- Evaluation of ongoing procedures with regard to the new requirements for handling procedures
- Adaptation of internal coordination processes for cross-border complaints
- Preparation for clearer responsibilities and shortened deadlines for supervisory authority procedures
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Your Riscreen team