Council Register: Proposal for a Regulation of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories - Outcome of the European Parliament's pro
4 July 2011
A debate took place during which amendments to the Proposal were put forward and debated. The rapporteur stressed that the key points of the proposed Regulation are the following:
- uniform requirements for derivatives contracts
- specific provisions to improve the transparency and risk management of the over-the-counter (OTC) derivatives market
- uniform requirements for the performance of activities of Central counterparties (CCPs) and trade repositories.
He also stated that the Parliament would like to limit the scope of the Regulation to OTC derivatives. No attempts of the Council or the Commission to change this would be acceptable. He also argued that the derogations from the scope should be very limited. The Parliament envisages to exempt the Bank for International Settlements in Basel, and to exempt "intra-group transactions".
When it voted on 5 July 2011, the Parliament adopted the amendments the text, as can be found at the link.