Brussels, 23/07/2013 (Agence Europe) - On Monday 22 July 2013, the EU Council of Ministers decided not to object to the draft delegated act on the EMIR regulation (648/2012) on derivatives, which lays down rules for the operation of central clearing houses (CCP).
The draft legislation lays down criteria for defining relevant currencies and how banks issuing the currencies will participate in the clearing houses. It describes operational organisation, participants and the way the clearing houses are governed, along with details of exchange of information between authorities.
This is the tenth delegated act, following on from nine others laying down technical standards for implementation of the EMIR regulation unveiled by the European Commission in December 2012 (see EUROPE 10755). (MB/transl.fl)