EMIR refit

Published 06.02.2020

State of play: on 28 May 2019, the Regulation was published in the Official Journal (L141/42)

Level 1

Commission

  • 4 May 2017, the Commission published the EMIR refit proposal and launched a two-month consultation on a second set of amendments to EMIR.
  • 20 September 2017, the Commission published a modified legislative proposal, as part of its wider package to reform the European system of financial supervision (ESAs review).

Council

  • 20 December 2017, the Council adopted its negotiating position on the EMIR refit text. 

Parliament

  • 10 October 2017, the ECON Committee held a first exchange of views.
  • 26 January 2018, the ECON Committee presented its draft report on the proposal.
  • 21 February 2018, the ECON Committee held a second exchange of views.
  • 16 May 2018, the ECON committee adopted the report on supervision and third-country CCPs.

Trilogue negotiations

  • 13 March 2018, the Parliament and the Council reached a political agreement on the proposal.
  • 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Level 2

  • 28 March 2019, ESMA published a statement on the implementation of the new EMIR Refit regime for clearing obligation for financial and non-financial counterparties.
  • 12 December 2019, ESMA published the responses received to its consultation on its draft technical advice on commercial terms for providing clearing services under EMIR (FRANDT).
  • 13 December 2019, ESMA launched a public consultation on future procedural rules regarding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs).

Level 3

  • 31 January 2019, ESMA released a statement addressing EMIR Refit implementation.
  • 28 March 2019, ESMA released a public statement on the implementation of the new EMIR Refit for the clearing obligation for financial and non-financial counterparties.
  • 20 December 2019, ESMA published a follow-up to the thematic report on fees charged by CRAs and TRs.
  • 7 January 2020, ESMA issued a final report on a survey it conducted into membership arrangements and due diligence by central counterparties (CCPs) towards clearing members in both areas under EMIR.
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