| Author (Corporate) | European Commission: DG Communication |
|---|---|
| Series Title | Press Release |
| Series Details | IP/17/1568 (13.06.17) |
| Publication Date | 13/06/2017 |
| Content Type | News |
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Background: This proposal was based on a 2015 public consultation on EMIR, as well as on input from stakeholders from this public consultations on the operations of the European Supervisory Authorities (ESAs) and on the Capital Markets Union (CMU) Mid-Term Review. It also considered feedback following the publication of a Communication responding to challenges for critical financial market infrastructures and further developing the CMU, alongside a Staff Working Document on EU equivalence decisions in financial services policy. The European Market Infrastructure Regulation (EMIR) implements the commitment set out by the G20 group in 2009 to increase the stability of the OTC derivatives market in the European Union. The main objective of EMIR is to reduce systemic risk by increasing the transparency of the OTC derivatives market, by mitigating the counterparty credit risk and by reducing the operational risk associated with OTC derivatives. The European Commission put forward in 13 June 2017 a set of targeted amendments to the European Market Infrastructure Regulation (EMIR), addressing the supervisory regime for Central Counterparties (CCPs) from both third countries and the European Union. |
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| Source Link | Link to Main Source http://europa.eu/rapid/press-release_IP-17-1568_en.htm |
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| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
