“As you know, EMIR is the European response to the G20 commitment to make derivatives markets safer and transparent. The indications are that we are very close to a political agreement on EMIR. However, it has not been finalised yet and therefore the ball for developing the implementing measures has not yet been passed to us. Our hope is that with this ball, we can play to shape the long list of complex technical standards that we need to draft in the best possible way. While making technical standards regarding CCPs, trade repositories and central clearing will not be easy, we will do our utmost to avoid that the ball will become a hot potato.
Now abandoning the metaphors, we are very conscious and strong believers in the benefits of open public consultations and accurate cost-benefit analyses, but if we face unreasonable deadlines, there is not much we can do. I must say that the deadlines for ESMA to deliver standards and advice in the recently-agreed Short Selling Regulation are too short. My team at ESMA is working night and day to meet the end of March deadline and we will make sure that most of the work will be done on time. However, the whole process is compressed including a very short time for consultation of stakeholders on the standards and advice. It is important to note that the quality of a regulation also depends on its technical implementation, and for that a proper consultation process is important. I therefore understand the explicit concerns expressed regarding the tight deadlines by various stakeholders. The deadlines on EMIR are, to say the least, challenging considering that we need to meet the G20 deadlines. However, I hope and expect that for the technical standards regarding EMIR we will receive the time needed, and substantially more than in the case of the Short Selling Regulation.”
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