EMIR review

Between 2015 and 2016 the Commission carried out an extensive assessment of EMIR. This included:

• a public consultation and a public hearing on the review of EMIR
• an evaluation of EMIR rules as part of the Call for evidence on the EU regulatory framework for financial services
• the publication of a general report on EMIR, submitted by the Commission to the European Parliament and the Council in November 2016
• the publication of an inception impact assessment on possible amendments to EMIR within the framework of the regulatory fitness and performance program (REFIT)

Following this evaluation, in May 2017 the Commission proposed a first set of amendments to EMIR. These amendments will introduce simpler and more proportionate rules on OTC derivatives that will reduce costs and burdens for market participants, without compromising financial stability.

The Commission also adopted a communication, outlining further changes to EMIR and setting out its intentions on how to respond to new emerging challenges in derivatives clearing.

In June 2017, the Commission proposed a second set of amendments to EMIR to enhance the supervision of third country CCPs and make the supervision of EU CCPs more coherent.

On 13 March 2019 the European Parliament and the member States reached a political agreement to ensure a more robust and effective supervision of central counterparties (CCPs). The agreement, which builds on the Commission’s June 2017 proposal to revise EMIR, upgrades the supervision of EU and third-country CCPs. Further technical work will follow this agreement before the European Parliament and the Council can formally adopt the final texts.

First set of amendments (May 2017)

• Proposal for a regulation amending EMIR
• Impact assessment and feedback
• Communication from the Commission on further changes to EMIR
• Press release
• Frequently asked questions
• Speech by Vice-President Dombrovskis

Second set of amendments (June 2017)

• Proposal for a regulation amending EMIR
• Impact assessment and feedback
• Press release
• Frequently asked questions

Amendment of pending proposal of June 2017 in the framework of the ESFS review

In September 2017 the Commission adopted a package of proposals to strengthen the European System of Financial Supervision (ESFS). The package also includes an amendment to the proposal adopted by the Commission in June 2017 (see above).

• Amendment of pending proposal of 13 June 2017 amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs
• More information on the review of the ESFS

Greater regulatory powers for the ECB in the context of the EMIR review

The proposal for a regulation amending EMIR of June 2017 (see above) provides for greater regulatory powers for the European Central Bank (ECB) in the process of authorisation, recognition and oversight of CCPs based both within and outside the EU.

To fulfil these new responsibilities, the ECB adopted a recommendation in June 2017 to amend article 22 of its statute.

In October 2017 the Commission issued a favourable opinion on the ECB recommendation.

• Commission opinion on the recommendation of the European Central Bank amending article 22 of the Statute of the European System of Central Banks and the European Central Bank

• Press release

• Frequently asked questions

On 13 March 2019 the European Parliament and EU member States agreed to amend the statute of the European System of Central Banks (ESCB) and of the European Central Bank. The amendments equip the ESCB with the powers necessary to perform the tasks set in the amended EMIR regulation.

• Press release