In a statement published yesterday, Michel Barnier, European Commissioner for Internal Market and Services, welcomed the decision of the EU Parliament not to object to the EMIR Regulatory Technical Standards (RTS) on risk mitigation and CCPs at a vote scheduled for yesterday. He confirmed that the RTS were now likely to enter force in mid-March […]

The EU Parliament website is reporting that the motion to reject two of the regulatory technical standards (RTS) required by EMIR, proposed by the Economic and Monetary Affairs Committee (ECON), was withdrawn today at the 11th hour before a vote by the full Parliament. As a result, the RTS will now enter force 20 days […]

On 5 February 2013, the Economic and Monetary Affairs Committee (ECON) of the EU Parliament published a motion for a resolution regarding two of the Regulatory Technical Standards (RTS) produced by ESMA under EMIR.  The relevant RTS are: regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading […]

The FT reports that the Economic and Monetary Affairs Committee (ECON) of the EU Parliament yesterday voted 24-20 to reject some of the Regulatory Technical Standards (RTS) drafted by the European Securities and Markets Authority (ESMA) under EMIR. Broadly speaking, concerns are thought to relate to two aspects of the RTS: the fact that the […]

The EU Parliament has published a response provided by the EU Commission to a parliamentary question regarding the applicability of EMIR to FX swaps and forwards.  Michel Barnier, responding on behalf of the EU Commission, confirmed that “there is no express power for the Commission to exempt foreign exchange transactions generally from requirements under EMIR, […]

On 29 January 2013, Vítor Constâncio, Vice-President of the European Central Bank (ECB), gave a speech in Frankfurt to the Banker’s Association for Finance and Trade – International Financial Services Association Europe Bank-to-Bank Forum entitled “Establishing the Single Supervisory Mechanism”. Broadly, the legislative framework establishing the Single Supervisory Mechanism (SSM) provides that, of Europe’s 6,000 […]

The FT is reporting that Michel Barnier, EU Commissioner responsible for the internal market and services, has hinted that the EU may not require banks to erect a ringfence around their trading activities, confirming that any reforms would have to preserve the diversity of EU banks and avoid penalising those that were supporting economic growth. […]

On 21 January 2013, the European Commission published a timetable for certain legislative proposals that it expects to adopt between 1 January 2013 and 31 December 2013, including the following: Q3 2013: Directive/Regulation on the reform of the structure of EU banks (i.e. the Liikanen reforms) Q4 2013: Framework for crisis management and resolution for […]

Last week the EU Parliament published a draft opinion of it Committee on Legal Affairs dated 14 December 2012 regarding the ‘proposal for a directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms’ (the “RRD”). The proposed amendments contained within the […]