Negotiations in the Council appear to be proceeding rather slowly, and there are key areas where an agreement has not yet been achieved, including the scope, CCP access to central bank facilities, ESMA powers and pension funds.
Major changes in the text now include:
the scope of the text covers just OTC derivatives;
the new Article 2a on Intra-Group derivatives contracts and reordering of key Articles (Article 5 becomes Non-financials Counterparties and Article 7 becomes Reporting Obligation).
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