On 21 June 2023, the Council of the European Union published a progress report on the EMIR review package.

The process of reviewing the European Commission’s legislative proposal was launched under the Swedish Presidency (PCY) and the Council Working Party (CWP) on Financial Services has met four times to deliberate on the EMIR review. In addition, the CWP has met once informally to receive a presentation from the European Securities and Markets Authority on its views in relation to specific topics.

The progress report sets out the view of the PCY regarding the state of play of the work of the CWP. It highlights the possible compromises it believes are within reach and it strives to illustrate the main positions and arguments of Member States in areas where further work is required.

The PCY believes that significant progress has been made towards reaching a Council position and that the outlines of a compromise have emerged in a number of areas. Nevertheless, due to the complexity of the subject matter and diverging views on core issues, further discussions are warranted in order to reach an agreement in all areas.