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European Commission Proposes EMIR Reform that will Minimise the Clearing Obligation for NFC and Cert

May 2017 - Finance. Legal Developments by Schönherr.

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On 4 May 2017, the European Commission published its proposal for an amendment of the European Market Infrastructure Regulation (EMIR). The Commission calls the proposed amendment a good example of "better regulation in practice" which is "essential to the creation of the Capital Markets Union (CMU)".

The proposal follows a report adopted by the European Commission in November 2016. The EMIR was introduced in 2012 and aimed at more transparency in the over-the-counter (OTC) derivatives market while providing for a clearing obligation with respect to OTC derivatives, thereby aiming to reduce risks to the financial system. read more...