|Author (Corporate)||European Commission|
|Series Details||COM (2017) 208|
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.
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.
|Subject Categories||Business and Industry|
|Subject Tags||Financial Services|
|International Organisations||European Union [EU]|