EACT co-signed the attached letter with other associations representing corporate end-users concerning EMIR review – this letter summarises all the issues we have been lobbying for, i.e. to maintain the hedging exemption and move towards single-sided reporting and an exemption from intragroup reporting. The letter is specifically targeting a meeting taking place tomorrow between the Commission and Member States to discuss the EMIR legislative review, and some non-official (confidential) papers drafted by the Commission that we have seen, that still list the elimination of the corporate hedging exemption as an option.
EACT wants to quickly react ahead of the meeting in order to put on the table the arguments that the hedging exemption especially should not be removed.
For your information, the timetable of the EMIR review is likely to be:
- End 2016: Commission to finalise impact assessment (EACT to provide a paper on the impact on corporates)
- End March 2017 (Commission target, but rather likely to be delayed by a few months in my view): Commission legislative proposal for EMIR review to be adopted