Regulation of OTC derivatives in the EU

The European Market Infrastructure Regulation (EMIR – Regulation (EU) No 648/2012) addressed the problems observed in the functioning of the 'over-the-counter' (OTC) derivatives market during the 2007-2008 financial crisis. In May 2017, following an extensive assessment, the European Commission proposed to amend and simplify EMIR, to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties. Parliament is due to vote on the proposal during the June plenary session.