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I take note of the fact that the European Parliament has decided not to object to our proposed technical standards to implement our new rules on derivatives. The Council had earlier confirmed that it does not object to these proposed standards. This means that the standards can now enter into force 20 days after their publication in the Official Journal of the EU, most likely around mid-March.
This reform is essential to bring more responsibility and transparency to derivative transactions. As a result, financial institutions and non-financial companies will be subject to new transparency rules in terms of reporting and supervision, and to clearing obligations for derivative contracts.
By adopting these standards the EU meets its G20 commitment in the context of the reform of financial services. The new rules will reduce the risks related to derivative transactions.
Next week I will be travelling to the USA and will meet amongst others with Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC). I will be able to reassure our American counterparts that the EU is meeting its G20 commitment on derivatives, and that we are now in a position to apply stringent rules in Europe that are equivalent to the ones in the USA. With my visit I hope to make progress towards a system whereby the EU and the USA recognise the application of their respective rules on both sides of the Atlantic as equivalent.