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

May 12, 2017

Stefan Paulmayer, Lexology

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.

At present the amended rules are going through the legislative process and are expected to be adopted by the end of next year, with a few provisions entering into force only 18 months later.

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