Public consultation by EU Commission on implementation of EMIR

Public consultation by EU Commission on implementation of EMIR

On 22nd May 2015, The EU Commission launched its public consultation on the implementation of EMIR. The Commission shall, in particular, assess a number of specific aspects of EMIR. These include: the access of CCPs to central bank liquidity facilities; the functioning of supervisory colleges for CCPs; and the margin practices of CCPs. The review will also assess the systemic importance of non-financial firms and potentially unintended consequences to NFC- (See question 1.2 of the questionnaire)

The Commission has stated that the EMIR review will rely largely on feedback received from the public consultation. As part of the review, the Commission will hold a public hearing on Friday (29 May 2015) at its premises in Brussels.

In addition all interested parties are encouraged to provide feedback during the consultation period which closes on 13 August 2015. For this purposes the EU Commission has created an online questionnaire which can be accessed under the following link:

The questionnaire is divided into three sections
Part I – Questions on elements of EMIR to be reviewed according to Article 85(1)(a)-(e)
Part II – General questions as well as
Part III – Additional Information

Given the differences in the global market infrastructure regulatory framework (i.e. Dodd Frank Act in the US, incoming FMIA in Switzerland to name but a few) this consultation provides a valuable platform for market participants to provide feedback at a European level


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