On 19th December 2012, the Commission adopted six Delegated Regulations under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR regulation), based on draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) in September 2012.
In line with the relevant Union acts, the European Parliament and the Council have a one-month scrutiny period within which they may object to any of those Delegated Regulations. The adoption of the Delegated Regulations shortly before Parliament's winter recess made it impossible for Parliament to exercise its scrutiny rights within that period. Therefore, the Chair of Parliament's ECON committee has requested the extension of the scrutiny period by one month, as foreseen in the relevant regulations.
The scrutiny period thus lasts until 19 February 2013. If the Parliament or the Council does not reject the delegated Regulations within the scrutiny period they will be published in the Official Journal of the European Union and enter into force 20 days following publication.
Press release
© Sharon Bowles
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