Polish Presidency published new compromise text on EMIR

23 September 2011

Article 8a has been deleted from the Compromise text. Article 8a provided that “venue of execution shall provide trade feeds on a non-discriminatory and transparent basis to any CCP that has been authorised to clear OTC derivative contracts traded on that venue of execution upon request by the CCP”.

The aim of the Polish Presidency is to discuss and adopt a General Approach during the Economic & ECOFIN meeting on 4 October. Although this timeline is slightly ambitious, quite a few Member States believe that it is still feasible.

Significant progress has been made on several technical issues. The ambassadors will however still need to find an agreement on the more politicised issues on which there is still much disagreement, such as pension schemes and access to CCPs and to trading venues.

Member States agreed that they will discuss third country provisions directly with the European Parliament during the trialogue negotiations, even if a common position among all Member States will still be negotiated in parallel. These discussions can start once the Council has adopted its General Approach.

Full compromise text

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