A common position has now been reached on the European Market Infrastructure Regulation (EMIR),1 which is the European Commission's proposal to comply with the Basel Committee on Banking Supervision's commitment to increase transparency and reduce risk in the over-the-counter (OTC) derivatives market by the end of 2012 at the latest. The U.S. is implementing similar proposals in the Dodd-Frank Wall Street Reform and Consumer Protection Act in line with its G20 commitment.2 Now that a common position has been reached in the European Council of Ministers, it will go forward to the "triologue" negotiations between the Council, the European Parliament and the Commission, and should be adopted shortly. If the regulations are not adopted within the next month, ESMA is likely to miss its tight July deadline for producing the detailed implementing rules and the regulations will be in danger of not being implemented in line with the G20 commitment. This means that both the EU and the U.S. are now moving to the implementation stage.
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