European Market Infrastructure Regulation-Regulatory Fitness and Performance (REFIT) proposal

15-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the recognition of third-country central counterparties, will be analysed in a forthcoming initial appraisal. This proposal is part of the Commission's REFIT programme, which stands for Regulatory Fitness and Performance. One of the stated aims of this programme is to make EU law 'simpler, lighter, more efficient and less costly' (Better Regulation Guidelines of 2015, p. 91). EMIR, adopted in 2012, forms part of the European regulatory response to the financial crisis. It specifically addresses the problems observed in the functioning of the over-the-counter (OTC) derivatives market from the 2007-2008 financial crisis onwards.

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying its above-mentioned proposal amending the European Market Infrastructure Regulation (EMIR), submitted on 4 May 2017 and referred to Parliament's Committee on Economic and Monetary Affairs. The IA accompanying a subsequent Commission proposal (COM(2017) 331), also amending the EMIR regulation, as regards the authorisation of central counterparties and the recognition of third-country central counterparties, will be analysed in a forthcoming initial appraisal. This proposal is part of the Commission's REFIT programme, which stands for Regulatory Fitness and Performance. One of the stated aims of this programme is to make EU law 'simpler, lighter, more efficient and less costly' (Better Regulation Guidelines of 2015, p. 91). EMIR, adopted in 2012, forms part of the European regulatory response to the financial crisis. It specifically addresses the problems observed in the functioning of the over-the-counter (OTC) derivatives market from the 2007-2008 financial crisis onwards.