EMIR Amendment

This Inception Impact Assessment aims to inform stakeholders about the Commission's work in order to allow them to provide feedback on the intended initiative and to participate effectively in future consultation activities. Stakeholders are in particular invited to provide views on the Commission's understanding of the problem and possible solutions and to make available any relevant information that they may have, including on possible impacts of the different options. The Inception Impact Assessment is provided for information purposes only and its content may change. This Inception Impact Assessment does not prejudge the final decision of the Commission on whether this initiative will be pursued or on its final content. 

A. Context, Problem definition and Subsidiarity Check 

European Market Infrastructure Regulation (EMIR) seeks to promote transparency and standardisation in derivatives markets as well as to reduce systemic risk through the application of its core requirements. These requirements should be proportionate and not impose unnecessary costs on companies. Under Article 85(1) of EMIR, the Commission is required to prepare a general report on EMIR together with any appropriate proposals. In accordance with this mandate, the legislative initiative will propose some targeted amendments to EMIR. Certain core requirements (clearing obligations, bilateral margin requirements) provided for under EMIR are yet to be implemented or completed, and thus a full evaluation in particular of their efficiency and effectiveness is not possible. Nevertheless, the data collected by the public authorities on the basis of rules which are already in place as well as the responses to the public consultations and developments in third country jurisdictions reveal areas where the objectives of EMIR could be fulfilled in a more efficient and proportionate manner and where risks of disproportionate costs and unnecessary burdens could be avoided. The current initiative is also related to the ongoing initiative to establish a Capital Markets Union (CMU) and contribute to the Jobs and Growth agenda of the Commission. This initiative is included in the 2017 REFIT Work Programme. 

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