Derivative Rules (EMIR) (Regulation)

The Commission wants to improve the rules in the EMIR Regulation, particularly those relating to over-the-counter derivatives. In the PolicyBrief on the proposal from the EU Commission for a corresponding Regulation, the easing of the clearing obligation for counterparties that only undertake limited derivative transactions is seen as appropriate because these do not represent a serious threat to the stability of the financial markets.


However, cep criticises the fact that the requirement for clearing members and their clients to comply with “fair, reasonable and non-discriminatory” terms represents an unnecessary intervention in the freedom of contract. Pension funds should also, in principle, be subject to the clearing obligation for OTC derivatives. cep, however, regards as justifiable the EU Commission’s proposal for a final transition phase for the clearing obligation for pension funds. The planned double reporting requirement for the party subject to the reporting obligation is however unnecessarily bureaucratic.