On June 12, the European Parliament (EP) issued a press release announcing its adoption in plenary of the proposed regulation to amend the European Market Infrastructure Regulation (EMIR) in respect of, among others, clearing, reporting and risk-mitigation techniques for over-the-counter derivatives contracts not cleared by a central counterparty (CCP).

The proposed regulation is referred to as “EMIR 2.1” to distinguish it from the proposal for amendments in respect of the authorization of CCPs and recognition of third-country CCPs, known as “EMIR 2.2” (further coverage of EMIR 2.2 is available in the Corporate & Financial Weekly Digest edition of June 1, 2018).

As a next step with respect to EMIR 2.1, the Council of the European Union, the European Commission and the EP will engage in three-way talks, which are scheduled to start in July. According to the provisional text, EMIR 2.1 will go into effect 20 days after its publication in the Official Journal of the European Union.

The EP’s press release can be accessed here.

The provisional text for EMIR 2.1, also published by the EP on June 12, is available here.