On the night of Tuesday 6 to Wednesday 7 February, negotiators from the European Parliament and the Council of the European Union reached a provisional agreement on a revision of the European Market Infrastructure Regulation (EMIR) (see EUROPE B13308A3).
The EMIR prudential framework was introduced in the wake of the 2008 financial crisis to ensure that financial entities conduct their transactions through central counterparties (CCPs), thereby limiting the scope for obscure transactions.