Article by
Darren S. Teshima,
Jennifer Lee and
Nina Trovato
On April 21, 2017, the European Systemic Risk
Board ("ESRB") published a
report on the revision of the European Market
Infrastructure Regulation (the
"EMIR").
The report welcomes the European Commission's November 2016
report on the outcome of its EMIR review, which the Commission
carried out under Article 85(1) of EMIR. The ESRB supports the
Commission's plan to revise EMIR to include an emergency
mechanism for quickly suspending the clearing obligation and to
increase the transparency and predictability of margin
requirements.
The ESRB agrees with the Commission that no fundamental change
to EMIR is currently required, although it does recognize that some
aspects of EMIR could be improved, such as improving the trade data
reporting framework and transparency by obliging central
counterparties ("CCPs") to
publish qualitative and quantitative information consistent with
the Committee on Payments
