On 11 March 2019, the UK Government has published a letter (dated 7 March 2019) from the Economic Secretary to HM Treasury, John Glen MP, to Sir William Cash, House of Commons EU Scrutiny Committee Chair, providing a further update on the proposed Regulation amending the EMIR supervisory regime for EU and third-country central counterparties (CCPs).

Among other things the letter states that it is not clear as to when Trilogues will conclude, but it could be during March 2019. So far, there have been differences between the European Parliament and the Council of the EU on a number of issues, although these are resolvable.

There has been some discussion during Trilogues about how to ensure the powers given to central banks of issue are aligned with the financial stability objectives of the proposed Regulation more broadly. Discussions have also focused on the role of the European Securities and Markets Authority (ESMA) over EU CCPs, particularly focusing on ESMA’s consent over certain Member State competent authority decisions (a European Parliament proposal). The letter states that it is possible that the European Parliament will move from this position.