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EMIR RTS go to the Wire but get Approved

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technical standards (RTS) required by EMIR, proposed by the Economic and Monetary Affairs Committee (ECON), was withdrawn today at the 11th hour before a vote by the full Parliament.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 after their publication in the Official Journal of the EU. This is likely to happen in the middle of March. Rumour has it that a compromise deal has been struck between the EU Parliament and the EU Commission, involving an extend phase-in period for non-financial companies and amended guidance which will facilitate the manual confirmation of OTC derivative trades.

More soon…

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