European Market Infrastructure Regulation still to be finally approved by the Council
The European Parliament yesterday adopted the text of EMIR. See the Parliament’s press release here and the press release from the European Commission here. The text approved by the Parliament is here (Texts Part 1).
The Commission’s updated set of FAQs on EMIR is here.
The Regulation now needs to be formally adopted by the Council.
When will EMIR be implemented?
The FAQs state that:
“Before the EMIR rules are implemented, the European Supervisory Authorities (ESAs) first need to develop technical standards. The ESAs must submit these standards to the Commission by 30 September 2012. In line with G20 commitments, these new standards should be fully adopted by the Commission by the end of 2012.
Central counterparties will have to apply for authorisation under the new European regime at the latest six months after the adoption of the technical standards by the Commission. In the meantime, CCPs must continue to comply with national rules on authorisation.
The date of application of the reporting obligation and clearing obligations will be determined in the new technical standards to be developed by 30 September 2012.”
See also: What is the EMIR?
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