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23 November 2016

European Commission: EMIR Review

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Complementing the follow-up to the Call for Evidence, the Commission has today also published a report on the review of EMIR, the Regulation on Over-The-Counter (OTC) derivatives, central counterparties and trade repositories.

The core objective of EMIR is to manage and monitor the risks arising from derivatives markets for financial stability. The report is part of a process that may lead to some targeted amendments of EMIR in early 2017. It explains issues that stakeholders have identified relating to the implementation of those requirements which already apply (namely, reporting to trade repositories and operational risk mitigation requirements) as well as issues encountered in preparing for the clearing and margin requirements. It also provides a summary of the areas where consultation responses and specific input received from EU bodies and authorities have shown that action could be necessary to ensure that the objectives of EMIR are met in a more proportionate, efficient and effective manner. A REFIT revision of EMIR is planned for early 2017 in order to eliminate disproportionate costs and burdens to small companies in the financial sector, corporates and pension funds and to simplify rules without putting financial stability at risk.

Text of the report

© European Commission

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