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EMIR Targeted review

Banking and financial services

The Commission proposes to amend the current framework applying to EU central counterparties (CCPs) and to those market participants using their services. The amendments will aim to make the EU a more attractive clearing hub, including measures to enhance the liquidity in EU CCPs and to strengthen the EU's supervisory framework for CCPs.

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Public consultation

ID: 13378

Lobbying Activity

28 responses

Consultation response

Eni S.p.A., 21 Mar 2023

Eni welcomes the European Commission legislative proposal amending the European Market Infrastructure Regulation (EMIR) to strengthen the EU clearing system. The new rules will support hedging activities of energy companies and the wider real economy, helping to maintain and develop liquid and…

Consultation response

European Banking Federation, 21 Mar 2023

In keeping with the Capital Markets Unions objective to foster well-functioning and internationally competitive EU capital markets, the European Banking Federation (EBF) fully supports the development of a better integrated and more attractive clearing landscape in the EU, and thus welcomes the…

Consultation response

Mercedes-Benz Group AG, 20 Mar 2023

The arguments, addressed by Deutsches Aktieninstitut e.V., are fully supported by Mercedes-Benz Group. This particularly applies to the mentioned impact on risk transparency and bureaucracy. In addition, Mercedes-Benz Group is realizing the outsource of EMIR reporting obligation as part of…

Consultation response

Euronext, 20 Mar 2023

Euronext Clearing, a multi-asset clearing house (part of the Euronext group), provides proven risk management capabilities on 14 markets, across a range of trading venues including Euronext Milan, MTS, BrokerTec and Hi-mtf. Asset classes cleared include equities, ETFs, Closed-end Funds, Financial…

Italian Banking Association calls for narrower scope on clearing rules

Associazione Bancaria Italiana, 21 Mar 2023

The association requests exempting firms with no third-country positions from active account requirements and limiting rules to new contracts only. They also oppose new reporting burdens and suggest longer transition periods for non-financial firms to arrange collateral.
These changes would prevent unnecessary operational costs and avoid forced, expensive migrations of existing portfolios.
EU central counterparties lose guaranteed market share if existing third-country contracts are not forced to migrate.

Deutsches Aktieninstitut opposes removing intra-group transaction reporting exemptions

Deutsches Aktieninstitut, 20 Mar 2023

The group opposes removing the reporting exemption for internal group transactions. They argue these trades are risk-neutral and offer no regulatory benefit. They suggest simplifying the notification process instead of abolishing the exemption.
Maintaining the exemption prevents significant administrative burdens and costs for businesses.
Regulators lose data on the potential interconnectedness of companies within the financial system.

Consultation response

European Fund and Asset Management Association, 20 Mar 2023

Please see our response.

EuropeanIssuers urges retention of intragroup reporting exemptions for companies

EuropeanIssuers, 16 Mar 2023

The group opposes removing reporting exemptions for transactions within the same corporate group. They support allowing bank guarantees as collateral to increase flexibility. They also seek better transparency regarding how costs for clearing trades are calculated.
This would minimize compliance costs and reduce financial burdens for large industrial groups.
EU regulators would have less visibility to assess risks within the financial system.

Public banks warn EMIR rules risk damaging forced relocation

European Association of Public Banks and Funding agencies AISBL, 21 Mar 2023

The EAPB requests clear exemptions for legacy contracts and non-EU clients from active account requirements. They urge the Commission to extend the equivalence decision beyond June 2025 to provide market certainty. The association also calls for the removal of intrusive new supervisory powers to enforce exposure reductions.
Public banks would avoid costly operational changes and maintain global market access.
EU market participants risk losing liquidity and access to international business opportunities.

Consultation response

European Association of Public Banks and Funding agencies AISBL, 21 Mar 2023

EAPB wishes to comment on the following aspects: 1. Active accounts-requirement - new Art. 7a EMIR a) Design, calibration, implementation of active accounts-requirement b) Material scope c) Timelines 2. Exposure reduction planning and target setting obligation for institutions - Art. 76(2) CRD/Art.…

Derivatives industry warns EU clearing requirements would hurt competitiveness

International Swaps and Derivatives Association, 2 Feb 2023

The organization requests exempting market making and client clearing activities from minimum clearing requirements at EU CCPs. They argue the active account requirement with quantitative targets is unnecessary and would disadvantage EU firms compared to third-country competitors.
This would allow them to maintain global competitiveness and avoid costly restrictions on serving non-EU clients.
European pension savers and investors face higher costs from reduced competitiveness of EU firms.

Consultation response

The Alternative Investment Management Association Limited, 17 Jan 2023

The Alternative Investment Management Association (AIMA) is pleased to give its reaction to the publication by the European Commission of the European Market Infrastructure Regulation (EMIR) review (the Proposal) on 7th December. Derivative instruments form an integral part of the activity of the…

Unipol urges EU to exclude existing contracts from clearing mandate

Unipol Assicurazioni S.p.A:, 21 Mar 2023

Unipol supports applying clearing obligations only to new derivative contracts. They want clients providing access to be exempt from calculating margin simulations. They also oppose new reporting requirements that duplicate existing data submissions.
This would prevent disruptive migration costs and avoid redundant administrative reporting tasks.
Financial stability suffers if clearing activity concentrates within too few providers.

ALFI warns against forced relocation of financial clearing services

Association Luxembourgeoise des Fonds d'Investissement, 16 Mar 2023

ALFI opposes mandatory active accounts at EU-based clearing houses, arguing they force relocation without analysis. They recommend introducing entry thresholds to exempt smaller asset managers from these costly requirements.
Exemptions would prevent fund managers from facing doubled infrastructure expenses and higher operational costs.
EU-based clearing houses would lose guaranteed business from the forced relocation of financial trades.

Consultation response

The Investment Association, 21 Mar 2023

Good afternoon, Please find attached the Investment Association's comments on the EMIR 3.0 proposals. The IA welcomes the opportunity to provide feedback and would be happy to discuss further any of the items we raise in our response.

Energy Traders Europe urges retention of intra-group reporting exemption

Stichting European Federation of Energy Traders (We operate under the name Energy Traders Europe), 16 Mar 2023

Energy Traders Europe supports changes to clearing thresholds and collateral rules to help manage the energy crisis. However, they strongly oppose removing reporting exemptions for transactions between companies within the same group.
These measures would provide relief from liquidity stress and avoid significant new compliance costs.

Consultation response

Stichting European Federation of Energy Traders (We operate under the name Energy Traders Europe), 8 Mar 2022

EFET welcomes this opportunity for feedback on the EMIR Review/Clearing Strategy and proposes the following recommendations: Extend the list of eligible collateral. CCP should extend to a wider range the non-cash collateral demanded, not only for clearing members, but also for their clients (e.g.,…

FIA Warns Mandatory Active Accounts Harm EU Firm Competitiveness

Futures Industry Association, Inc., 24 Feb 2023

The organization recommends removing proposed Pillar 2 prudential measures and opposes mandatory active accounts with quantitative thresholds. They request a detailed cost-benefit analysis and the exclusion of client-driven activities from these requirements.
This would prevent increased operational costs and maintain the ability to compete with non-EU banks.
The proposal harms EU investors and pension funds through increased complexity and potential loss of netting benefits.

Swedish Securities Markets Association opposes forced clearing relocation policy

Swedish Securities Markets Association (Swedish: Föreningen Svensk Värdepappersmarknad), 20 Mar 2023

SSMA rejects the active account requirement, labeling it a forced relocation policy. They demand exemptions for market making and client clearing to avoid conflicts. The association also calls for making margin exemptions for equity options permanent.
These measures would allow Swedish banks to avoid high costs and maintain global competitiveness.
Smaller firms might be forced to stop hedging due to unproportionate regulatory costs.

German banks urge flexible approach to EU clearing requirements

Die Deutsche Kreditwirtschaft, 17 Feb 2023

The group requests a two-stage system based on qualitative criteria without quantitative targets. Market making activities should be disregarded when calculating proportions to safeguard international competitiveness.
This would prevent forced relocation of business and protect their position in international markets.
Non-EU clients lose out because EU clearers cannot serve multi-currency portfolios with sufficient liquidity.

Consultation response

Die Deutsche Kreditwirtschaft, 17 Feb 2023

The German Banking Industry Committee continues to support the European Commissions (COM) initiative to increase the attractiveness and resilience of the EU clearing landscape and therefore generally supports the package of measures set out in the proposals for a regulation amending Regulations…

Consultation response

Nordic Securities Association, 21 Mar 2023

Please find attached feedback from Nordic Securities Association (NSA) - https://nsa-securities.eu/

Consultation response

Finance Norway, 21 Mar 2023

See attatched file.

Consultation response

The European Association of Corporate Treasurers, 21 Mar 2023

Derivatives are essential instruments for companies of all sizes to manage uncertainties arising from their core business activities and connected financial fluctuations risks. European companies enter into derivative contracts as part of their financial risk management strategy to efficiently…

Consultation response

European Association of Central Counterparty Clearing Houses, 20 Mar 2023

The European Association of CCP Clearing Houses (EACH) generally welcomes the European Commissions suggestions on the 2022 clearing package. European CCPs have performed robustly during recently market stresses, such as the great financial crisis, Covid-19 and the 2022 energy markets volatility.…

Consultation response

Cboe Clear Europe N.V., 19 Mar 2023

Cboe Clear Europe N.V. (Cboe Clear Europe) is pleased to have the opportunity to provide feedback on the Proposal for a Regulation of the European Parliament and of the Council amending Regulations (EU) No 648/2012, (EU) No 575/2013 and (EU) 2017/1131 as regards measures to mitigate excessive…

Consultation response

AMF Italia - Associazione Intermediari Mercati Finanziari, 20 Mar 2023

Please find our feedback in the document attached.

Consultation response

CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH, 16 Mar 2023

With this Position Paper, CCP Austria Abwicklungsstelle für Börsengeschäfte GmbH ("CCP.A") would like to present its position on the targeted EMIR review.