The legislative review of the European Commission’s June 2017 proposal amending EMIR in respect of the supervision of EU and third country CCPs (EMIR CCP Supervision) is gathering pace. On 13 April the secretariat of the European Parliament’s Economic and Monetary Affairs (ECON) committee published over 500 amendments tabled by the members to Danuta Hübner’s draft report (link and link). Following publication of the amendments, the ECON committee members are tentatively scheduled to discuss the amendments during the 23 / 24 April committee meeting. This will be followed by informal negotiations between the rapporteur and shadow rapporteurs on compromise amendments. Depending on the outcome of those negotiations, the vote in the ECON committee on the final report is provisionally scheduled for 16 or 17 May.

In the Council, Member States representatives are due to meet on Thursday, 19 April, to continue discussions on the legislative proposal. The agenda for the meeting is expected to be focused on supervision issues concerning third country CCPs, including the consideration of the compromise proposal prepared by the Bulgarian Presidency and of the non-paper by the European Central Bank on requirements central banks of issue (CBI) may impose in respect of third country CCPs in exceptional circumstances. The financial services attachés will also discuss proposals put forward by the European Commission in the non-paper on the supervision of EU CCPs. The Commission will seek Member States’ views on, among other issues, whether the involvement of supervisory colleges in EU CCPs’ supervision should be extended and to what extent the role of ESMA within the colleges should be enhanced.