Exemption for the People’s Bank of China under the Markets in Financial Instruments Regulation (MiFIR)

Summary:

Report presented on 14 March 2019 by the European Commission on the granting of exemptions to the Central Bank of the People’s Republic of China for monetary policy and financial stability purposes.

Further information:

On 14 March 2019 the European Commission adopted a Delegated Regulation providing for an exemption from pre- and post-trade transparency requirements under EU law to the benefit of the People's Bank of China in its performance of monetary, foreign exchange and financial stability policies.

Background:

EU central banks already benefit from certain exemptions under the Markets in Financial Instruments Regulation (MiFIR) that help them perform more efficiently their statutory tasks in the pursuit of monetary, foreign exchange and financial stability policy. Such exemptions are necessary given their special public role of central banks. MIFIR also empowers the Commission to extend the scope of this exemption to non-EU central banks where the prerequisite conditions are fulfilled.

In August 2018, the People's Bank of China provided the data necessary to complete the assessment, which the Commission concluded was appropriate for the purpose of this exemption.