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October 07, 2017

EC published the Commission Delegated Regulation (CDR; EU Regulation 2017/1799) on the exemption of certain third country central banks in their performance of monetary, foreign exchange, and financial stability policies from pre- and post-trade transparency requirements. The CDR shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

The CDR supplements the Markets in Financial Instruments Regulation (MiFIR; EU Regulation No. 600/2014) and Articles 1(6) and (7) of MiFIR shall apply to the BIS and the central banks of third countries listed in the Annex to the EU Regulation 2017/1799. Transactions in which members of the European System of Central Banks (ESCB) are counterparties, are exempt from the trade transparency requirements, in accordance with Article 1(6) of MiFIR insofar as these transactions are in pursuit of monetary, foreign exchange, or financial stability policy. The list of exempted central banks of third countries set out in the Annex to the EU Regulation 2017/1799 should be reviewed, as deemed appropriate, including with a view to extend, where appropriate, the exemptions to other central banks of third countries that have not yet been included in the list or to remove such public entities from the list.

The EC had prepared and presented to the European Parliament and to the Council a report assessing the international treatment of central banks in third countries. The report included an analysis of the treatment of central banks, including members of the ESCB, within the legal framework of third countries, and the potential impact that regulatory disclosure requirements in the EU may have on third-country central bank transactions. The report concluded that exemption of a number of third-country central banks from the trade transparency obligations under MiFIR was necessary and, thus, it concluded on the appropriateness of the extension of the exemption to the central banks of those third countries. 


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Effective Date: October 27, 2017

Keywords: Europe, Securities, Banking, EMIR, Third Country Central Banks, CDR 2017/1799, CDR 600/2014, ESCB, EC

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