European Market Infrastructure Regulation (EMIR) - Amendment

Key points:

The EESC

• welcomes the two proposals for regulations amending EMIR, and in particular welcomes the preceding broad public consultation;
• considers it important that the measures put forward by the Commission are consistent with the Capital Markets Union action plan, and, in particular, with its provisions on securitisation;
• recommends standardising the types of derivative transactions and instruments because doing so could help to significantly increase the quality of the reported data;
• agrees with the Commission's proposal to introduce a clearing threshold for small counterparties, as they have difficulties in accessing clearing;
• supports the Commission's proposal to extend the period in which pension funds are exempt from the central clearing obligation, since no solution has been found to date enabling them to have the necessary liquidity, without affecting the interests of fund members;
• welcomes the Commission's proposal on establishing a new supervisory mechanism within the European Securities and Markets Authority (ESMA).

Related links

The European market infrastructure regulation (EMIR) lays down rules on OTC derivatives, central counterparties and trade repositories (European Commission, website)

ECB response to the European Commission’s consultation on the review of the European Market Infrastructure Regulation (EMIR) (European Central Bank, 2015)

Report of the ESCB on the need for any measure to facilitate the access of CCPs to central bank liquidity facilities (European System of Central Banks, 2015)

Prospects and Challenges of a Pan-European Post-Trade Infrastructure (Centre for European Policy Studies, 2012)

Questions and Answers: Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) (ESMA, 2017)

Policy Perspectives on OTC Derivatives Market Infrastructure (Stanford University, National Bureau of Economic Research, Federal Reserve Bank of New York, 2010)

European Market Infrastructure Regulation (Financial Conduct Authority, 2017)

European Commission to Further Assess Issues on Implementation of the European Market Infrastructure Regulation (Shearman and Sterling, 2016)

OTC derivatives in the EU and the US: latest regulatory developments (European Central Bank, 2013)

European Commission - Fact Sheet - Memo

European Commission - Press release

For more information :

https://ec.europa.eu/info/law/derivatives-emir-regulation-eu-no-648-2012/upcoming_en