EP issued a briefing on the initial appraisal of an EC impact assessment on authorization of central counterparties (CCPs) and recognition of third-country CCPs under European Market Infrastructure Regulation (EMIR or Regulation (EU) No 648/2012). The impact assessment is of an EC proposal for a regulation that amends Regulation (EU) No 1095/2010 (and establishes ESMA) and EMIR on the procedures and authorities involved for the authorization of CCPs and the requirements for the recognition of third-country CCPs.
This note seeks to provide an initial analysis of the strengths and weaknesses of the EC impact assessment accompanying its proposal, which was submitted on June 13, 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). This proposal from 2017 amends the European Market Infrastructure Regulation (EMIR), which is already in the process of being amended by two proposals currently under consideration in the Parliament. The first proposal focused on the recovery and resolution of CCPs. The second proposal suggested targeted amendments aiming to meet EMIR objectives in a more effective and efficient way. The current initiative under consideration focuses on the authorization of CCPs and on the recognition of third-country CCPs.
Related Link: EP Briefing on EMIR (PDF)
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