Review of the European Market Infrastructure Regulation (EMIR): Updated rules on supervision of central counterparties (CCPs)

18-02-2019

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework: EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its report in May 2018, and the Council agreed its position in November. Trilogue negotiations are now under way.

The increasing importance of central counterparties (CCPs) and challenges such as the United Kingdom's withdrawal from the EU call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory framework: EU CCPs would be supervised by national authorities in agreement with ESMA, and third-country CCPs subject to different requirements depending on whether (or not) they are systemically important. The European Parliament’s Economic and Monetary Affairs Committee (ECON) adopted its report in May 2018, and the Council agreed its position in November. Trilogue negotiations are now under way.