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The European Commission published a questionnaire about the European Market Infrastructure Regulation, or EMIR, which is a centrepiece of the legislation introduced in the wake of the financial crisis in order to render financial markets safer and more stable.
The review, which is mandated under EMIR (Article 85(1)) will enable the European Commission to take stock of market participants’ experience in implementing the regulation.
Jonathan Hill, EU Commissioner for Financial Stability, Financial Services and Capital Markets Union, said: "EMIR is a crucial piece of legislation which has helped restore stability and trust in the European Union’s financial markets. Although it has only been in force for a fairly short time, this review gives us an opportunity to see whether we are heading in the right direction and whether anything needs to be done differently. This will help ensure that our efforts have the best possible results."
The review will rely largely on feedback received from the public consultation which the Commission is launching today. This will ensure that the broadest range of views from industry and the public are taken into account during the assessment. All interested parties are encouraged to complete the questionnaire which has been provided for this purpose. As part of the review, a public hearing will take place on 29 May 2015 at the Commission's premises in Brussels.
The public consultation will close on August 13, 2015.