Euro Comm Report on clearing and reporting under EMIR

When the European Markets Infrastructure Regulation (EMIR) was adopted there were uncertainties on the treatment of foreign central banks in respect of the application of the OTC derivatives reforms.  The European Council postponed a decision on the application of EMIR to third-country central banks until there was more clarity on local regulatory frameworks.  The Commission has now published a report setting out that Japanese and US central banks and public bodies will not be subject to EMIR clearing and reporting obligations.  An exemption for these jurisdictions will be proposed as they have final rules on OTC derivatives in place. 

In respect of Australia, Canada, Hong Kong and Switzerland which are still finalising their rules the Commission will monitor these and issue exemptions as appropriate.

Related link:  http://ec.europa.eu/internal_market/financial-markets/docs/derivatives/130322_report-international-treatment-central-banks_en.pdf