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Parliamentary questions
17 May 2018
Answer given by Vice-President Dombrovskis on behalf of the Commission
Question reference: E-001403/2018

Taking into consideration the relatively low impact of intragroup transactions on systemic risk, European market infrastructure regulation (EMIR) already provides exemptions to the exchange of collateral requirement for intragroup transactions.

In order to benefit from those exemptions, groups must have in place risk-management procedures that are adequately sound, robust and consistent with the level of complexity of the transaction, and that allow for the prompt transfer of own funds or repayment of liabilities between the counterparties.

Where an intragroup transaction benefits from an exemption from the exchange of collateral requirements, these prerequisites ensure the mitigation of the risk of contagion of a default across the group. Groups must thus request for ex-ante exemption to the relevant national competent authorities in accordance with the Commission Delegated Regulation 2016/2251(1) in order to ensure that such minimum requirements are indeed in place.

As part of its proposal to review the European market infrastructure regulation, the Commission suggested a number of amendments to provide simpler and more proportionate rules for over-the-counter (OTC) derivatives without compromising financial stability.

In particular, the Commission proposes to streamline the reporting requirements for intragroup transactions. Further room for efficiency gains in the exemption procedure has been raised, which could be achieved without hampering the underlying financial stability objective.

(1)Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards for risk-mitigation techniques for OTC derivative contracts not cleared by a central counterparty, OJ L 340 of 15.12.2016, page 9.

Last updated: 17 May 2018Legal notice