On December 3, , the EU Permanent Representatives Committee (COREPER) endorsed the EU Council’s general approach on a revision of the European Market Infrastructure Regulation (EMIR 2.2), as well as a decision on a revision to the statute of the EU system of central banks and the European Central Bank (ECB), specifically taking into account the effects of the United Kingdom’s withdrawal from the European Union on the EU financial system.

The European Commission (EC) proposal, published in June 2017, aims to strengthen the supervision of central counterparties (CCPs) in order to take into account the growing complexity and cross-border dimension of clearing in the European Union. For further details, see the June 16, 2017 edition of the Corporate & Financial Weekly Digest.

The EU Council’s press release includes links to the regulation on the authorization of CCPs and requirements for the recognition of non-EU CCPs, as well as the modification of article 22 (on payment systems and clearing systems for financial instruments) of the statute of the ECB.

By approving the EU Council’s general approach, the COREPER is mandating trilogue negotiations between the EU Council, the European Commission and the European Parliament, which can now commence.

The EU Council’s press release is available here.