Commission supports ECB Recommendation on regulatory powers for clearing systems for financial instruments

Background and further information:

This amendment would grant the institution a greater role in regulating clearing systems for financial systems, for example with regard to central counterparties (CCPs). The change would enable the ECB to fully perform the tasks conferred on it by a proposal put forward by the European Commission to amend the European Market Infrastructure Regulation (EMIR).

In its opinion, the Commission also recommends some limited adjustments to the ECB proposal to underline the need for consistency with the regulatory powers between the ECB, the European Parliament, the Council of the European Union and the Commission with regard to clearing systems.

The European Commission published on 3 October 2017 a favourable opinion regarding a Recommendation issued by the European Central Bank (ECB) on 23 June on amending Article 22 of the Statute of the European System of Central Banks and of the European Central Bank.

• Primary Source

European Commission: DG Communication: MEMO/17/3621, 03.10.17: Commission Opinion on the Recommendation of the European Central Bank amending Article 22 of the Statute of the European System of Central Banks and the European Central Bank http://europa.eu/rapid/press-release_MEMO-17-3621_en.htm

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