Agreement on EMIR reached

09 February 2012

The European Parliament and the Council have reached an agreement on EMIR. They have resolved the dispute about the national supervision and the role of ESMA. In line with G20 commitments, the new rules should be fully in place by the end of 2012.

Apparently, ESMA will have three more months to adopt their draft regulatory  technical standards on EMIR until 30 September 2012, but the Commission will adopt the implementing legal acts by the end of December 2012, as originally scheduled to comply with the G20 calendar.

ESMA has set up three working groups on EMIR level 2, composed of national competent authorities, to draft these standards as follows:

1. OTC derivatives and clearing obligation including non-financial counterparties’ thresholds
2. CCPs requirements, authorisation etc.
3. Trade repositories, Reporting, Registration and access to TRs

Next Steps:

The European Parliament needs to vote in Plenary session on the regulation and the Council will then need to adopt the rules formally. The European Plenary vote is scheduled on 14 February and the ECOFIN will vote on it on 21 February. The final consolidated text will be available shortly

Statement

MEMO

© European Commission