In September 2012 the European Securities and Market Authority (ESMA) submitted six draft technical standards for European Market Infrastructure Regulation (EMIR) to the European Commission. Initially five of the six draft technical standards were adopted by the Commission. However, the Economic and Monetary Affairs Committee of the European Parliament (ECON) adopted a motion to reject a further two of the delegated acts. This rejection was due in part to the Commission's failure to give proper consideration to the Parliamentary timetable, but also several specific concerns from MEPs. In response the ESMA brokered a compromise addressing these concerns which resulted in the European Parliament withdrawing their objections.
This white paper considers the reasons why the European Parliament rejected these two technical standards. Read how the European Commission worked to overturn the decision and what this means for the future development of technical standards in Europe - and what impact this has on the banking and finance community.