EU lawmakers agreed to new legislation on how EU and
third-country clearing parties operating in the European Union
should be supervised.
According to the EU Council, the intended goal of the change is
to enhance supervision of central counterparties ("CCPs")
to take into account the increasing size, complexity and
cross-border aspect of clearing within Europe. The legislation is
also intended to improve the existing system for overseeing
third-country clearinghouses and introducing a "two-tier"
system distinguishing between non-systemically important CCPs
("Tier 2 CCPs") and systemically important CCPs.
In a joint statement, the CFTC and the European
Commission ("EC") voiced an ongoing commitment to
ensuring that the implementation of G20 reforms is effective in
achieving the goals of "increased financial stability,
resilience and transparency in the global transatlantic OTC
derivatives market." Additionally, the CFTC and EC said they
expect that (i) the
