Proposal to amend 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

Author (Corporate)
Series Details COM (2017) 208
Publication Date 04/05/2017
Content Type


Legislative proposal - published by the European Commission in May 2017 - which sets out a number of targeted modifications of the European Market Infrastructure Regulation (EMIR), in particular to simply the rules and make them more proportionate. The key elements of the framework were maintained, according to the original proposal.

Further information:

The European Market Infrastructure Regulation (EMIR) was adopted in the wake of the financial crisis to address the shortcomings observed in the functioning of the over-the-counter (OTC) derivatives market. These shortcomings led to the G20 leaders to commit to far-reaching measures to increase the stability of this market, including that all standardised OTC derivatives contracts should be cleared through central counterparties (CCPs), and that OTC derivatives contracts should be reported to trade repositories (TRs).

The proposal was adopted by the European Commission on 4 May 2017. The Council of the European Union approved its general approach regarding this draft law on 11 December, while the European Parliament adopted its own negotiating position on 12 June 2018. An informal agreement between the institutions on a compromise text was reached on 5 February 2019.

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Commentary and Analysis
EPRS: Briefing, December 2017: Initial Appraisal of a European Commission Impact Assessment
EPRS: Briefing, June 2018: Regulation of OTC derivatives: Amending the European Market Infrastructure Regulation (EMIR)
EPRS: At a Glance, June 2018: Regulation of OTC derivatives in the EU

EurActiv, 04.05.17: Commission eases rules for controversial derivatives sector
Reuters, 04.05.17: EMIR review plans end to dual-sided swaps reporting
Reuters, 04.05.17: EU plans to ease derivatives rules in bid to boost economy
The New York Times, 04.05.17: As ‘Brexit’ Tensions Rise, E.U. Proposal Targets London Finance
Politico, 04.05.17: EU takes aim at London’s euro business

EUR-Lex: SWD(2017)148: Impact assessment
EUR-Lex: SWD(2017)149: Executive summary of the impact assessment
European Commission: Press Release, 04.05.17: Commission proposes simpler and more efficient derivatives rules
European Commission: Questions and Answers on the proposal to amend the European Market Infrastructure Regulation (EMIR)
EP: Legislative Train: Updated Rules on OTC Derivatives and Clearing | EMIR Review
European Parliament: Legislative Observatory: Procedure File for Proposal on European Market Infrastructure Regulation (EMIR): clearing obligation, reporting requirements, risk-mitigation techniques, trade repositories
European Commission: Press Release, 05.02.19: Simpler EU rules for derivatives will reduce costs and regulatory burdens for market participants

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