On 4 December 2019, the Council of the EU published a press release announcing that the Council of the European Union (the Council) has adopted its position on the proposed regulation on recovery and resolution of central counterparties (CCPs) (the Regulation). The Council has also published the text of the negotiating mandate.
While the press release does not set out changes to the European Commission’s legislative proposal for the Regulation, HM Treasury’s letter to the House of Commons’ European Scrutiny Committee highlighted a number of points raised in the Council’s discussions on the Regulation. For more information, see previous blog. However, the Council has suggested that the Regulation should apply two years after the date of its entry into force to allow time to adopt all implementing measures and for market participants to take the necessary steps to comply with the rules.
The European Parliament established its first reading position on this file in March 2019, therefore trilogue negotiations will commence as soon as possible.