EP approves EMIR
“Clamping down on the derivatives trade”: the European Parliament approves by an overwhelming majority the EMIR compromise text agreed with the Council. Commissioner Barnier was quick to welcome the decision:
I congratulate the European Parliament on its vote approving a regulation for more stability, transparency and efficiency in derivatives markets. Today’s vote confirms the political agreement reached in February with the Council on the basis of the Commission’s proposal. It is a key step in our effort to establish a safer and sounder regulatory framework for European financial markets. This matters because we need to restore trust in the financial sector, and because we need the financial sector to operate on a sound footing to ensure a return to sustainable growth of the real economy.
With this new regulation, we are taking a big step towards financial stability. We are reducing the risk of a future financial crisis, with all its consequences on the real economy, growth, jobs and public budgets. The EU has now also fulfilled its G20 commitments in this field, and on time. I call on all other jurisdictions around the globe, which have not yet done so, to take the appropriate steps to meet our shared G20 commitments.
I also call on the co-legislators to now focus on complementary European rules that we need to agree on quickly to continue strengthening financial markets; in particular a swift revision of rules on markets in financial instruments”.
The reference to the rules on markets in financial instruments in the final paragraph is to the proposal for a revision of MiFID - MiFID II / MiFIR - which includes a trading obligation with respect to standardised OTC derivatives, complementing the clearing obligation under EMIR.
