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

Written by Angelos Delivorias (3rd edition, updated on 28.6.2019),

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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 in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it 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. A provisional agreement was reached in trilogue on 5 February 2019. Parliament voted to approve that agreement on 18 April 2019 in plenary session and the Council subsequently adopted it on 14 May. The new regulation comes into force on 17 June 2019.

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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)
Procedure completed. Regulation (EU) 2019/834
OJ L 141, 28.5.2019, pp. 42-63.

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