Economy

Demeter

(85,373 posts)

5. EU derivatives delay gives global talks more time

Mon Jun 17, 2013, 07:39 PM

Jun 2013

http://uk.reuters.com/article/2013/06/14/uk-eu-derivatives-idUKBRE95D0R520130614

The European Union has delayed a deadline for deciding if U.S. firms must comply with the bloc's derivatives rules, giving more time to strike a global deal to avoid costly overlaps.

The bloc's executive European Commission said on Friday it was pushing back its June 15 deadline for the European Securities and Markets Authority (ESMA) for deciding if U.S. derivatives rules are "equivalent" to those in the EU.

If not deemed equivalent, U.S. firms doing business in Europe would have to comply with all the bloc's derivatives rules and their own rules back home, a costly burden.

The Commission said in a letter released to the media on Friday that the ESMA's new deadline would be September 1....

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