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September 28, 2017

EC issued a favorable opinion on the ECB recommendation of June 23, 2017, in which ECB asked for a greater role in regulating clearing systems for financial instruments, for example, with regard to central counterparties (CCPs). As part of this recommendation, ECB had proposed to amend Article 22 of its Statute.

With this opinion, EC strongly welcomes the initiative to provide ECB with a clear regulatory competence in the area of central clearing. With the proposed amendment to its Statute, ECB seeks to bring clearing systems for financial instruments within its regulatory competences. This important change will enable ECB to fully perform the tasks conferred on it by the recent Commission proposal to amend the European Market Infrastructure Regulation (EMIR). The Commission President, Juncker, urged the European Parliament and Council to swiftly adopt the proposal to amend EMIR and the ECB recommendation to amend Article 22.

In its opinion, EC also recommends limited adjustments to the ECB proposal to underline the need for consistency with the regulatory powers between ECB, the European Parliament, the Council, and the Commission with regard to clearing systems. The European Parliament and the Council will now consider for adoption the proposed changes to the ECB statute under the ordinary legislative procedure, thanks to a simplified procedure under Article 129(3) of the Treaty on the Functioning of the EU.

 

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Keywords: Europe, EU, Banking, Securities, EMIR, Article 22, CCPs, ECB, EC

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