The Council today adjusted its position in negotiations with the European Parliament on a draft regulation aimed at increasing transparency on all derivatives and reducing risk in the over-the-counter (OTC) derivatives market.
This is designed to facilitate rapid agreement with the Parliament, so as to enable the regulation to be adopted in first reading.
The main change to a general approach agreed by the Council in October relates to the procedure for authorising central counterparties (CCPs), in particular to the powers of the CCP's "home" member state, i.e. the member state of establishment, versus those of the college of supervisors and the European Securities and Markets Authority (ESMA).
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