With the start of a new year, the European Commission prepares for the next phase of the European Single Market, which has its 30th anniversary this year, with further efficiency improvements within the Capital & Securities Markets.
 
In December the European Commission (“the Commission”) published a Capital Markets Union Clearing Package, which includes, among other measures, a proposal for a review of the European Market Infrastructure Regulation (“EMIR review proposal”) also called EMIR 3. (https://lnkd.in/ekmP6pfV). Also in December, the EU member states settled their negotiating position on a proposed update of the central securities depositories regulation (CSDR). The planned review will make EU securities settlement more efficient by simplifying requirements and clarifying authorisation processes among other things. (https://lnkd.in/e7JjjEZx)
 
The proposed reviews and updates of these regulations will also impact the position of depositories and clearing institutions between the EU and the UK especially with the encouragement for the transfer of more Euro clearing from the UK to EU CCPs.