Brussels, 07/02/2013 (Agence Europe) - On Thursday 7 February, the European Parliament decided not to raise any objection on nine implementing measures aimed at applying the European Markets Infrastructure Regulation (EMIR) No 648/2012, which frames financial derivatives (see EUROPE 10755).
As the Council had not voiced any objection either, the reform, which is essential for improving the security and transparency of transactions on derivatives, will most probably take effect towards mid-March, Internal Market Commissioner Michel Barnier was pleased to state. Next week, Barnier is to meet the president of the Commodities Future Trading Commission, Gary Gensler, in order to make work move forward on recognition of American and European legislation in this respect.
In response to the EU's concerns, echoed by Kay Swinburne (ECR, UK), the Commission has undertaken to grant non-financial firms an appropriate transitional period of time for clearing of OTC derivatives. (MB/transl.jl)