[author: Kevin Wong]

The European Parliament published a press release on June 12, 2018 announcing that it has voted in plenary to adopt the proposed Regulation amending EMIR (the Regulation on OTC derivatives, central counterparties (“CCPs“) and trade repositories) (Regulation 648/2012) (EMIR Refit Regulation).

The proposed Regulation will simplify clearing rules for small and non-financial counterparties and provide a temporary exemption for pension scheme arrangements from the mandatory clearing of derivatives.

The Parliament’s Committee on Economic and Monetary Affairs published its report on the proposed Regulation on May 25, 2018. It voted to adopt the report on May 16, 2018.

The next step is for the proposed Regulation to be considered by the Council of the EU and the European Commission, which is due to happen in July 2018.