Polish Presidency published compromise text on EMIR
18 July 2011
The Polish Presidency has included in brackets the word “OTC” through the entire regulation, which means the issue is still under discussion. Apparently the Council is still split on the scope of EMIR.
Regarding the scope of EMIR (to cover only OTC derivative transactions or all derivatives transactions), the Hungarian Presidency already indentified in June 2011 the following four areas where an agreement has not been reached:
• the clearing obligation
• the reporting obligation
• the right of access of any venue of execution to a CCP
• the right of access of a CCP to the trade flow of any venue of execution.
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