European Commission adopts Delegated Regulation on over-the-counter derivatives identifying reference data under EU Markets in Financial Instruments Regulation

The European Commission has adopted a Delegated Regulation supplementing the EU Markets in Financial Instruments Regulation on OTC derivatives identifying reference data to be used for the purposes of the transparency requirements laid down in Article 8a(2) and Articles 10 and 21, following its consultation on the draft text in June 2024. The identifying reference data are to be used from September 1, 2026 for OTC interest rate and OTC credit default swaps. The Delegated Regulation includes an annex which lists identifying reference data for OTC interest rate swaps and separately lists standard business terms for the reference rates referenced in OTC interest rate swaps subject to the MiFIR transparency requirements. The Delegated Regulation will enter into force 20 days after its publication in the Official Journal of the European Union.

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