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Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs) [EU Legislation in Progress]

Written by Carla Stamegna and Angelos Delivorias (3rd edition),

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The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom’s withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework. Under the proposals, EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. Following trilogue negotiations, Parliament voted on the resulting agreement at its plenary session of 18 April 2019. The final act was signed on 23 October 2019 and entered into force on 1 January 2020.


Proposal for a regulation amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs
Committee responsible: Economic and Monetary Affairs (ECON) COM(2017) 331
Rapporteur: Danuta Maria Hübner (EPP, Poland) 2017/0136(COD)
Shadow rapporteurs: Roberto Gualtieri (S&D, Italy)
Kay Swinburne (ECR, United Kingdom)
Petr Ježek (ALDE, Czech Republic)
Matt Carthy (GUE/NGL, Ireland)
Philippe Lamberts (Greens/EFA, Belgium)
Jörg Meuthen (EFDD, Germany)
Ordinary legislative procedure (COD) (Parliament and Council on equal footing – formerly ‘co-decision’)
Procedure completed. Regulation (EU) 2019/2099
OJ L 322, 12.12.2019, pp. 1-44

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