On June 5, 2012 Wolf Theiss hosted a financial markets seminar in Bulgaria on the latest EU regulation for OTC derivatives trading - the European Market Infrastructure Regulation (EMIR).
Partner Nikolaus Paul opened the event with an enlightening overview of both the legal and the commercial implications of the new regulation in the context of the current financial climate and markets. Wolf Theiss Senior Associate Katerina Kraeva followed with an instructive presentation on the specifics of EMIR. After an overview of the regulation's background, Katerina delved into its practical aspects. Through a systematic review of EMIR's key elements, the lecture shed light on the regulation's implications for all relevant financial counterparties, such as banks, insurance companies and investment firms, as well as for non-financial firms, such as energy companies, manufacturers and airlines. Katerina further examined the role and impact of the European Securities and Markets Authority (ESMA). Vincenzo Dimase from Thomson Reuters continued with a presentation highlighting the close collaboration between legislators, regulators and Thomson Reuters, as well as the meaning of the new regulation to the market dynamics and key players on the OTC derivatives market.
With the end of 2012 as the deadline for implementation, EMIR is a pertinent topic to all actors involved in Over-the-counter (OTC) derivatives trading. With requirements such as clearance by a Central Counterparty (CCP), the use of electronic means to confirm the derivatives' contracts terms, and the reporting of each OTC derivative contract, EMIR aims at greater transparency, as well as reduction of counterparty and operational risks.
The seminar attracted a prominent audience with representatives of all major banks present in Bulgaria, as well as the country's Financial Supervision Commission.
The presentations were followed by an active discussion session on specific topics touched upon in the presentation.