(Only in Italian)
ESMA has published its final report on the clearing (CO) and derivative trading (DTO) obligations to accompany the benchmark transition.

The report sets out proposed draft Regulatory Technical Standards (RTS) amending the scope of the CO and DTO for over-the-counter (OTC) interest rate derivatives (IRD) denominated in EUR, GBP, JPY, and USD.
The report is part of the transition away from EONIA and LIBOR and onto alternative benchmarks, primarily Risk-Free Rates such as €STR, SOFR, SONIA and TONA.
ESMA’s proposed amendments aim to ensure a smooth benchmark transition while maintaining an effective scope for these obligations, in line with the G20 objectives. The proposals include:
  • for the CO – introduce the TONA OIS (with maturities up to 30 years) class and extend the SOFR OIS class (up to 50 years); and
  • for the DTO – introduce certain €STR OIS classes.
The data covers the total number of trades and total volume over the period 1 July 2022 to 31 December 2022 and includes:
  • 25,098 equity and equity-like instruments;
  • 126,528 bonds; and
  • 5,696 sub-classes of derivatives (including equity derivatives, interest rate derivatives, commodity derivatives, emission allowance).
Investment firms are required to perform the SI test by 15 February 2023.
The data is made available through FITRS in the XML files with publication date 1 February 2023.
EIOPA has published today its Supervisory Convergence Plan for 2023.

In line with EIOPA’s mandate to build a common supervisory culture and consistent supervisory practices in the European Union, the Supervisory Convergence Plan identifies EIOPA’s three main priorities to enhance supervisory convergence over the course of 2023:
  • the implementation of the common supervisory culture and the development of supervisory convergence tools;
  • the risks to the internal market and the level playing field;
  • the supervision of emerging risks.
Acknowledging the emerging risks, EIOPA also included in its priorities the implementation of the new regulation on digital operational resilience (DORA) where supervisory convergence will be key.
EIOPA will also further analyse cyber underwriting practices, in particular the access to cyber coverage for Small and Medium Enterprises.
Finally, EIOPA will develop supervisory convergence tools to support NCAs in the performance of the digital business model analysis.