EU Commission reports on EMIR review

EU Commission reports on EMIR review

The EU Commission has published the findings of its review of the European Market Infrastructure Regulation (EMIR).

The report explains issues that stakeholders have identified relating to the implementation of those requirements which apply already (including reporting to trade repositories and operational risk mitigation requirements) as well as issues encountered in preparing for the clearing and margin requirements.

The report also sets out a summary of the areas where feedback has indicated that action could be necessary to ensure that the objectives of EMIR are met in a more proportionate and efficient manner.

The Commission plans a revision of EMIR under its Regulatory Fitness and Performance Programme (REFIT) in early 2017 in order to eliminate disproportionate costs to small companies in the financial sectors, corporate and pension funds, and to simplify rules while maintaining financial stability.