Brussels, 09/01/2013 (Agence Europe) - The European Parliament and the EU Council of Ministers have been given an extra month, until Tuesday 19 February 2013, to analyse the nine technical rules unveiled by the European Commission at the end of December for Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories (the “EMIR” regulation) (see EUROPE 10755). If neither the Parliament nor the Council reject the delegated regulations within the scrutiny period they will be published in the Official Journal of the European Union and come into force 20 days following publication.
The rules cover the payment procedure for standard derivatives, access to central counterparies and trade repositories delegated acts, reduction of risk for over-the-counter derviatives, capital and reserves for central clearing agencies and minimum data to be provided to national registers about derivative sales, along with data format and frequency. (MB/transl.fl)