On Tuesday 3 October, the European Commission returned a favourable opinion on the recommendation of the European Central Bank (ECB), which was presented in June of this year, in which the monetary instrument calls for its regulatory competences to be extended in the field of clearing, proposing a modification of article 22 of its articles of association to this end (see EUROPE 11815).
Currently, the ECB has regulatory powers only in respect of payment systems that include a clearing stage, but not all clearing systems, including clearing systems for financial instruments, such as central counterparties (CCP).
According to the Commission, this modification will allow it to take up its future duties in the framework of the Commission's proposal to modify the European Market Infrastructure Regulation (EMIR), which proposes a new supervisory mechanism for CCPs located outside the EU (see EUROPE 11807).
The institution, which unreservedly backs the ECB's proposal, nonetheless stresses the need to ensure that the ECB's new regulatory powers are fully compatible with those of the European institutions.
The Commission's opinion must now be put before the European Parliament and the Council, which will examine the recommended amendment under the ordinary legislative procedure, alongside planned modifications to the EMIR regulation. (Original version in French by Marion Fontana)