EMIR

The Commission is moving ahead with the EMIR review, with the publication in November of its report on EMIR review and a planned legislative proposal tabled for Mid-March. The Commission has stated that this legislative proposal will only be a targeted review of some EMIR requirements, as the overall framework is considered with fur purpose.  The EACT has been active – with other associations representing corporate end-users – in highlighting areas of key concern to corporate end-users of derivatives. We have addressed our concerns to Commission Vice-President Valdis Dombrovskis (responsible for financial services) and have submitted input for the Commission’s impact assessment, and held a number of meetings with the Commission, MEPs and Member States Permanent Representations. At this stage we do not expect the Commission to challenge the corporate hedging exemption. However, the Commission is more reserved concerning our requests for complete exemptions from dual-sided and intragroup transactions reporting.

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