EMIR: ECB amends statute to allow for enhanced powers proposed by EMIR review
The Governing Council of the European Central Bank (ECB) has adopted a recommendation to amend Article 22 of the statute of the European System of Central Banks and of the ECB.
- This amendment is intended to provide the ECB with a clear legal competence in the area of central clearing, allowing the Eurosystem to exercise the powers that are foreseen for central banks issuing a currency under the European Market Infrastructure Regulation (EMIR) review.
- The powers include an enhanced role for central banks of issue in the supervisory system of central counterparties (CCPs), particularly with regard to the recognition and supervision of systemically important third-country CCPs clearing significant amounts of euro-denominated transactions.
- The Recommendation has been sent to the EU Parliament and the EU Council for the adoption of a Decision amending Article 22.
- The EU Commission will issue an opinion on the recommendation.
More information here.