Regulatory Update

EMIR Review


The last phase of the legislative process on EMIR Refit review started on 4 July with the so-called trilogues between the member states in the Council, the European Parliament and the European Commission. The institutions wish to finalise the file quickly, and an agreement could be reached already in September.


PSAs and EMIR clearing obligation


Concerning Pension Scheme Arrangements (PSA) and their exemption from central clearing, ESMA has issued a statement to confirm that ESMA does not expect national competent authorities to prioritise the enforcement of central clearing obligation as of August, as the EMIR Refit review is very likely to prolong the exemption for some additional years.





EMMI, the administrator if Euribor, has announced that the publication of the 2 week, 2 month and 9 month tenors will be terminated as of 3 December 2018.



Sustainable finance


The European Commission has adopted a package of proposals as a follow-up to the Action Plan on sustainable finance released earlier this year. The measures proposed include the following:

  • An EU taxonomy of sustainable activities: the Commission is proposing to established harmonized criteria for defining sustainable activities. This taxonomy may serve as a basis for instance to different labels as announced in the Action Plan ( EU green bond label for instance)

  • Investors’ duties and disclosures: the proposal clarifies how institutional investors have to include ESG factors in their investment decisions

  • Low-carbon benchmarks: the Commission is proposing to establish a new category of benchmarks, that would allow investors to compare the carbon footprint of their investments


The Commission has also announced the composition of its sustainable finance expert group that will further work on the development of the taxonomy and the green bond standard.