The new rules improve EU clearing services by streamlining and shortening procedures, improving consistency between rules and strengthening CCP supervision.
The Council today adopted new rules on clearing services that revise the European market infrastructure regulation and directive (EMIR). The new rules aim to make the EU clearing landscape more attractive and resilient, to support the EU’s open strategic autonomy and to preserve the EU’s financial stability.
The European Market Infrastructure Regulation (EMIR) lays down rules on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories.
The new rules improve EU clearing services by streamlining and shortening procedures, improving consistency between rules and strengthening CCP supervision. In particular, the new rules will contribute to reducing excessive reliance on systemic CCPs in non-EU countries, by requiring all relevant market participants to hold active accounts at EU CCPs and clear a representative portion of certain systemic derivative contracts within the single market.
Next steps
The revised EMIR regulation and directive will be published in the EU’s Official Journal before entering into force 20 days later.
Council
© Council of the European Union
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