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ARTICLE · 17 APRIL 2023

Industry Voices Its Concerns Over EMIR 3.0

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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As readers will be aware, on 7 December 2022, the European Commission published a package of proposals seeking to develop the EU's Capital Markets Union (CMU)...

IrelandFinance and Banking
Karen Jennings
Karen Jennings
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Background

As readers will be aware, on 7 December 2022, the European Commission published a package of proposals seeking to develop the EU's Capital Markets Union (CMU), including a proposal to amend the European Market Infrastructure Regulation (EMIR)1 seeking to make derivatives clearing in the EU more attractive. This proposal is commonly referred to EMIR 3.0.

The Commission views the proposal as strengthening the supervisory framework of the EU clearing ecosystem and contributing to the development of a more efficient and safer post-trading landscape in the EU.

The EMIR 3.0 proposal includes measures to improve the attractiveness of EU counterparties (CCPs). It seeks to simplify the procedures for CCPs launching products and changing models as well as introducing a non-objection procedure for certain changes. The proposal also includes measures to reduce the excessive reliance of EU market participants on non-EU CCPs as well as other miscellaneous

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