The international nature of financial regulatory reform has left many in the U.S. and Europe with questions about the status of their counterparts' activities on either side of the Atlantic. Across the Pond is a DTCC publication designed to provide a "thumbnail" sketch of financial regulatory reform activities in the United States and European Union.
Across the Pond will be updated regularly to provide current and reliable background on key policy developments in Brussels and Washington, D.C.
Detailed information on any topic highlighted in Across the Pond can be requested from Andrew Douglas, DTCC Government Relations in Brussels or Dan Cohen, DTCC Government Relations in Washington, D.C.
February 2, 2012 - Issue #10
Following a series of meetings between Council officials, the Danish Presidency has brokered a deal on EMIR. The remaining issue about ESMA's supervisory role over CCPs was resolved by offering participating Member States two votes if the supervisory college consists of 12 members or less and 3 votes if the college is greater than 12.
December 22, 2011 - Issue #9
The Polish Presidency recently presented compromise language for EMIR on the controversial issues of ESMA's powers over CCPs, the third country regime (including extraterritoriality) and exemption for FX, pension funds and intragroup transactions.
November 23, 2011 - Issue #8
The Commission presented proposals on MiFID 2/MiFIR, and in several key areas, such as the freedom of access to trade feeds, the aims of MiFID 2/MiFIR are clearly aligned with EMIR.
October 21, 2011 - Issue #7
Following 11 months of negotiations, the Council, led for the past 4 months by Poland, finally achieved political agreement on EMIR at the 4th October ECOFIN meeting. Hard bargaining meant the final text reintroduced CCP access to trade feeds allowing for competition among derivative CCPs and agreement that derivatives can effectively be cleared anywhere within the EU.
September 19, 2011 - Issue #6
There is a tangible air of confidence about reaching political agreement at the 4 October ECOFIN and suddenly, finalising EMIR by year end is a real possibility.
July 27, 2011 - Issue #5
Poland is aiming for the 4 October ECOFIN meeting to get a political agreement on EMIR by EU member states.
June 27, 2011 - Issue #4
The Hungarian Presidency produced its final version of EMIR for discussion at Ambassadorial Level (COREPER).
June 6, 2011 - Issue #3
EMIR seems likely to become the responsibility of the Polish Presidency in July 2011
May 11, 2011 - Issue #2
The European Parliament continues to discuss compromise amendments into the Parliamentary draft of EMIR.
April 19, 2011 - Issue #1
The Council of Ministers (27 EU countries), under the rotating presidency of Hungary, continues to meet and discuss its views on the EMIR draft regulation. Recent developments are highlighted in this issue.
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