EU reaches political agreement on EMIR Refit

After nearly 2 years of negotiation, the European Parliament and Member States have agreed a targeted reform of EMIR. The Commission wanted to provide simpler and more proportionate rules, and the changes will exempt the smallest financial counterparties from the clearing obligation, and will create streamlined reporting requirements. It also maintains the current extension period for pension funds, so they do not yet have to clear.

Further technical work will now take place before the EMIR Refit Regulation can be adopted.