EMIR review

Published 19.12.2017
  • Commission:
    • On 4 May 2017, publication of the EMIR refit proposal.
    • In June 2017, the Commission proposed a second set of amendments to EMIR to enhance the supervision of third country CCPs and make the supervision of EU CCPs more coherent.
    • On 20 September 2017, the Commission adopted a further legislative proposal, as part of its wider proposals to reform the European System of Financial Supervision. On the same day, they also published a modified legislative proposal, which consolidated the changes made and the previous proposal.
  • European Parliament: 
    • ECON’s Draft Report (on the clearing obligation, reporting requirements, and risk mitigation techniques for OTC derivatives not cleared by a CCP) published on 26 January 2018.
    • On 16 May 2018, the ECON Committee voted to adopt the EMIR draft report.
    • On 16 May the ECON committee adopted the draft report on supervision and third-country CCPs
  • Council: The Council reached a general agreement on the EMIT refit text on 20 December 2017. For the two other texts the negotiations are still ongoing.
    On 5 February 2019 EP and Council have reached political provisional agreement on updated rules for financial derivatives products and clearing (EMIR refit)
  • Level3: On 18 December 2018, ESMA published two join draft Regulatory Technical Standards.
    On 31 January 2019 ESMA released a statement addressing EMIR Refit implementation.
  • Next steps: Conclusion of trilogue negotiations.
    EMIR refit political aggrement to be confirmed in EP and Council.
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