Article: EMIR review: a quick fix or a structural improvement?20 November 2017 | Peter Ten-Broeke
On 4 May 2017, the European Commission published its legislative proposal for the long-awaited review of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’).
This proposal follows the Commission’s report of 23 November 2016 to the European Parliament and the Council in which it provided a summary of the areas where previous consultations and specific input from various authorities had shown that action was necessary to ensure fulfilment of the objectives of EMIR in a more proportionate, efficient and effective manner. In that preliminary report the Commission highlighted the areas where the EMIR requirements could be adjusted without compromising on its objectives. The legislative proposal covers a wide array of topics and proposes modifications of EMIR with a view “to simplify the rules and make them more proportionate”. ISDA submitted commentary on the European