|Author (Corporate)||Council of the European Union, European Parliament|
|Series Title||Official Journal of the European Union|
|Series Details||L 141|
Regulation of the European Parliament and of the Council of 20 May 2019 setting out a number of targeted modifications to the European Market Infrastructure Regulation (EMIR), in particular to simplify the rules and make them more proportionate.
Regulation (EU) No 648/2012, 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, and that OTC derivatives contracts should be reported to trade repositories.
On 4 May 2017 the European Commission presented a 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.
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]|