EMIR review

Between 2015 and 2016 the Commission carried out an extensive assessment of EMIR. This included:

Following this evaluation, in May 2017 the Commission proposed a first set of amendments to EMIR. These amendments will introduce simpler and more proportionate rules on OTC derivatives that will reduce costs and burdens for market participants, without compromising financial stability.

The Commission also adopted a communication, outlining further changes to EMIR and setting out its intentions on how to respond to new emerging challenges in derivatives clearing.

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.

First set of amendments (May 2017)

Second set of amendments (June 2017)

Amendment of pending proposal of June 2017 in the framework of the ESFS review

In September 2017 the Commission adopted a package of proposals to strengthen the European System of Financial Supervision (ESFS). The package also includes an amendment to the proposal adopted by the Commission in June 2017 (see above).

Greater regulatory powers for the ECB in the context of the EMIR review

The proposal for a regulation amending EMIR of June 2017 (see above) provides for greater regulatory powers for the European Central Bank (ECB) in the process of authorisation, recognition and oversight of CCPs based both within and outside the EU. To fulfil these new responsibilities, the ECB adopted a recommendation in June 2017 to amend article 22 of its Statute. In October 2017 the Commission issued a favourable opinion on the ECB recommendation.