ESMA gears up for implementation

ESMA published a report last week on staffing and resources with regard to EMIR. After many years of public policy discussions and political deals, 2013 will be the year of hands-on implementation. Here are a few highlights from the document:

• ESMA expects about 11 applications for Trade Repositories, each likely submitting a document between 200 and 1,000 pages long
• ESMA will participate in regulatory colleges for 23 European CCPs, expecting 2 more applications within Europe and 4 applications for recognition of third country CCPs this year
• ESMA plans to issue about 6 dossiers in 2013 on the product groups that will be subject to a clearing obligation
• ESMA will establish a public registry for clearing obligations, CCP registrations and fines and penalties, while writing a number of opinions and other reports

Adding all this activity together, ESMA states it will need 17 full time equivalents (FTE) and a budget of €4.7m in 2013 alone. These numbers represent a considerable uplift in terms of people and resources for an institution that operated with around 100 staff in 2012. The industry and regulators alike struggled with the pace of regulatory changes mandated by politicians last year, but it looks like ESMA intends to meet that challenge head on in 2013. Let’s hope the industry will too.

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