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EU Council Agrees to Approach on EMIR 2.2

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.

©2019 Katten Muchin Rosenman LLP

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John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
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Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
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Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil Robson, private equity fund managers counselor, Katten Law Firm, London
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Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

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