Belgian Presidency compromise text on the European Market Infrastructure Regulation
22 November 2010
The text was discussed at the meeting of the Working Party of Financial Services Attachés on 19 November. The experts discussed, among other issues, CCPs and the exemption of non-financial corporates.
The Presidency now proposes to delete paragraph 4 from Article 7 and include a subparagraph 2a stating that: “In calculating the positions referred to in paragraph 2, derivative contracts entered into by a non-financial counterparty that are objectively measurable as reducing risks directly related to the commercial activity of that counterparty shall not be taken into account.”
The Belgian compromise text also adds under Article 7.3 that the Commission will have the power to determine the “criteria for establishing which derivative contracts are objectively measurable as reducing risks directly related to the commercial activity.”
© Council of the European Union
