The Investment Management Association has raised fresh concerns that new derivatives rules will put buyside assets at risk and has urged the European Securities and Markets Authority to introduce a new legal regime to protect its members.

Writing in response to the Esma consultation paper on the technical standards for the European Market Infrastructure Regulation, Europe's major piece of derivatives reform, the association said it had "particular concerns" regarding how collateral and margin will be treated by clearing houses. Esma is currently drawing up the fine technical details of the new Emir rules which are due to be published in September.