As the first clearing house in Europe, NASDAQ OMX Clearing AB submitted an application for a re-authorization of the clearing house under the EMIR regulation to the Swedish FSA in April 2013.
Although the application was considered complete in May, it became obvious in discussions in October with the Swedish FSA and the college that there was a need for some additional material and analysis. NASDAQ OMX has therefore provided additional material and agreed with the Swedish FSA on a limited extension of the process to allow for further analysis.
This also affects the timeline for the merger and migration of NOS Clearing ASA into NASDAQ OMX Clearing AB, which was planned to take place on 2 December 2013. The Clearinghouse is working closely with regulators to determine a new date for the merger and migration. Subject to agreement with regulators, the merger will be executed early 2014, but not earlier than February 2014. NASDAQ OMX will publish information about the revised timeline as soon as details are established.
Until further notice NOS Clearing ASA will continue to operate under prevailing regulatory regime based on existing rules, regulations and technical platform.