EUROPEAN PARLIAMENT ECON COMMITTEE: MEETING OF 3 FEBRUARY 2025 IN BRUSSELS
Mathieu Gitton
Former Director of representative office in Brussel with expertise in corporate strategy and lobbying
The ECON (Economic and Monetary Affairs) Committee of the European Parliament will hold a meeting on Monday, 3 February 2025, from 17:00 to 18:00, at the European Parliament in Brussels (Room ANTALL 4Q1). This session continues the ongoing discussions on the temporary equivalence of the regulatory framework applicable to UK central counterparties (CCPs) post-Brexit, under the European Market Infrastructure Regulation (EMIR) 648/2012. The agenda will also include interinstitutional negotiations, which are crucial for the future of European financial regulation.
Context of the Equivalence Decision
The European Commission is expected to adopt an implementing decision extending the temporary equivalence period granted to UK CCPs. This measure, previously renewed multiple times, aims to prevent major disruptions in EU financial markets while allowing additional time for market participants to adapt to post-Brexit clearing arrangements.
So far, equivalence has enabled European banks and financial institutions to continue relying on UK-based clearing infrastructures. Based on the latest available information, this new extension could last until 30 June 2025, ensuring an orderly transition and continued market stability.
Ongoing Interinstitutional Negotiations
In parallel, the ECON Committee is monitoring the ongoing interinstitutional negotiations between the European Parliament, the Council, and the European Commission. These negotiations focus on major legislative texts related to the supervision and oversight of CCPs, particularly the practical implementation of EMIR 2.2 and the EU’s strategy to enhance the competitiveness of its own clearing houses in order to reduce reliance on the UK.
Key Discussion Points:
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Outlook and Key Issues
The decision to extend equivalence acknowledges the short-term robustness of the UK regulatory framework while emphasizing the EU’s long-term need to develop its own clearing capabilities.
The discussions at the ECON Committee will assess:
? The progress of legislative efforts
? The impact of regulatory measures on EU financial competitiveness
? The evolving prudential and financial technology landscape
Conclusion
The 3 February 2025 meeting will be crucial in shaping the future of European clearing policies and financial relations with the United Kingdom. The European Commission’s proposals and the discussions within the ECON Committee will lay the groundwork for future decisions aimed at ensuring the resilience and competitiveness of EU financial markets.
?? For further details, consult the full agenda: Official document link
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