EUROPEAN UNION: FIA Responds to the European Commission’s EMIR Proposal

Thursday September 7 2017

On 7^th September 2017, the Futures Industry Association (FIA) submitted comments to the European Commission (EC) regarding Part 2 of the EMIR Review Proposal. The comments address the regulation and oversight of central counterparties and the EC’s proposals to enhance supervision of these entities.

FIA makes 23 recommendations that would allow for this enhanced supervision without distorting markets. FIA’s recommendations include allowing the recognition of CCPs at the service level; enhancing the use of reliance on equivalent rules as part of the EU’s oversight of systemically important third country CCPs; clarifying ESMA’s role in the oversight of these systemically important third country CCPs; and improving transitional arrangements so that market participants have time to adapt to new regulatory and supervisory arrangements.

For additional information please click the link above