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Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR) [EU Legislation in Progress]

Written by Angelos Delivorias (2nd edition),

Updated on 8.6.2018

Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR)

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The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the ‘over-the-counter’ (OTC) derivatives market during the 2007-2008 financial crisis. In the last three years, the Commission, with the help of reports from the European Systemic Risk Board (ESRB), the European Central Bank (ECB) and the European Securities Markets Authority (ESMA), carried out an extensive assessment of EMIR. In May 2017, it proposed a regulation amending and simplifying Regulation (EU) No 648/2012 in the context of its Regulatory Fitness and Performance (REFIT) programme, to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. The Council published its mandate for negotiations with the EP on 11 December 2017. On 16 May 2018, the ECON committee of the EP adopted its report which is due to be debated during the June plenary.

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Proposal for a Regulation of the European Parliament and of the Council amending Regulation (EU) No 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories
Committee responsible: Economic and Monetary Affairs (ECON) COM(2017) 208 4.5.2017

2017/0090(COD)

Ordinary legislative procedure (COD – Parliament and Council on equal footing, formerly ‘co-decision’)

Rapporteur: Werner Langen (EPP, Germany)
Shadow rapporteurs:

 

 

 

 

 

 

Jakob von Weizsäcker (S&D, Germany)

Kay Swinburne (ECR, United Kingdom)

Petr Ježek (ALDE, Czech Republic)

Matt Carthy (GUE/NGL, Ireland)

Philippe Lamberts (Greens/EFA, Belgium)

Jörg Meuthen (EFDD, Germany)

Barbara Kappel (ENF, Austria)

Next steps expected: First-reading vote in plenary

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