On 13 March 2019, the Presidency of the Council of the EU announced that provisional agreement had been reached with the European Parliament on legislative amendments to EMIR as to how EU and third country clearing houses should be supervised in the future. The provisional agreement will now need to be confirmed by EU ambassadors.

Separately, the European Commission and the US Commodity Futures Trading Commission (CFTC) have issued a joint statement on the proposed legislative amendments to EMIR (referred to in the joint statement as EMIR 2.2). The statement notes that, the Commission will shortly adopt a number of delegated acts to define the scope and content of certain provisions, drawing on public consultations. The CFTC will participate in the consultation process.

The statement adds that the Commission and the CFTC expect the implementation of EMIR 2.2 and the CFTC’s ongoing review of both its swaps regulatory framework and its cross-border approach will result in more deference between the CFTC and the EU supervisors than is currently the case.