The European Commission has proposed further amendments to the European Market Infrastructure Regulation (EMIR). The second EMIR review proposal foresees a new pan-European supervisory mechanism for Central Counterparties (CCPs). This so-called CCP Executive Session will coordinate supervision of CCPs within the EU and with third countries, in particular with the United Kingdom after Brexit. In a two-tier system, systemically important CCPs (Tier 2 CCPs) will be subject to stricter requirements and, under certain circumstances, may be required to be established in the EU in order to provide services in the Union.
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Category: Group News