The European Central Bank (ECB) has published an opinion concerning the European Commission’s proposed Regulation amending the European Market Infrastructure Regulation (EMIR). We blogged the Commission’s legislative proposal on 5 May 2017 (see here).
The ECB generally supports the Commission’s initiative to introduce a number of targeted modifications to EMIR with a view to simplifying the applicable rules and eliminating disproportionate burdens. The ECB also makes specific observations on the following topics:
- exemption of central bank transactions;
- reporting obligation;
- amendments to ensure the quality of data;
- credit institutions’ compliance with risk-management procedures, intragroup exemptions and capital requirements;
- central counterparty transparency;
- classification of securitisation special purpose entities as financial counterparties;
- changes to methodology for calculating counterparties’ positions in over-the-counter derivative contracts; and
- the ECB’s advisory role regarding draft delegated and implementing acts.
View Opinion of the ECB of 11 October 2017 on a proposal for a Regulation amending Regulation (EU) No. 648/2012 as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivatives contracts not cleared by a central counterparty, the registration and supervision of trade repositories and the requirements for trade repositories, 11 October 2017