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On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets. The objective is to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be ...

This papers reflects on recent turmoil created by derivatives used by energy companies and by UK pension funds, assessing some recent work of the European Supervisory Authorities, reports on EIOPA’s review of Credit Protection Insurance that unveiled poor underwriting and sales practices, as well as poor value for money from a consumer perspective, and contains a section on cyber risk, subject to increased warnings by supervisory authorities.

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012), adopted in 2012, forms part of the European regulatory response to the financial crisis, and specifically addresses the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market in the 2007-2008 period. In May 2017, after carrying out an extensive assessment of EMIR, the Commission proposed a regulation amending and simplifying it in the context of its Regulatory Fitness and Performance ...

This abbreviation list and tri-lingual glossary (English, German and French, see disclaimer) lists and explains relevant terms frequently used in the area of documents related to the Banking Union, more specifically in relation to the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM) and the application of the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR). The glossary and list of abbreviations may be updated and extended in order to ...

The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. The European Commission and Council participated in discussions on, inter alia, the independence of the judiciary in Poland, humanitarian emergencies in the Mediterranean and solidarity in the EU, and the economic and monetary union package. VP/HR Federica Mogherini's statements ...

Mit der Verordnung über europäische Marktinfrastrukturen (EMIR – Verordnung (EU) Nr. 648/2012) wurden die Probleme angegangen, die während der Finanzkrise von 2007/2008 bei der Funktionsweise des Marktes für Freiverkehrsderivate (OTC-Derivate) festgestellt wurden. Im Mai 2017 schlug die Kommission nach einer eingehenden Beurteilung vor, die EMIR zu ändern und zu vereinfachen und gegen unverhältnismäßige Befolgungskosten, Probleme mit der Transparenz und unzulänglichen Zugang zum Clearing für bestimmte ...

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

„OTC-Derivate“, „zentrale Gegenparteien“ und „Transaktionsregister“. Begriffsbestimmungen und gegenseitige Verbindung. Warum war eine Regulierung notwendig und wie sieht die Regulierung der Verordnung über die europäische Marktinfrastrukturen (EMIR) aus? Das vorliegende Dokument stellt diese Aspekte in einen Zusammenhang und bietet eine Einführung in das Thema der OTC-Derivate sowie die Entwicklungen, die zu den Vorschlägen der Kommission für eine Überarbeitung der Rechtsvorschriften 2017 führten ...

Mithilfe der Verordnung (EU) Nr. 648/2012 sollen Derivatemärkte widerstandsfähiger, transparenter und effizienter werden. Mit ihr werden die im Rahmen der G20 eingegangenen Verpflichtungen zu außerbörslich gehandelten Derivaten und zur Minderung von Risiken an den Finanzmärkten umgesetzt. In der Verordnung werden außerdem einige wichtige Grundsätze und Regeln für Derivatekontrakte verankert, wie etwa die Clearingpflicht oder eine Meldepflicht, aber auch Regeln für Akteure an den Finanzmärkten, beispielsweise ...