On 4th May 2017, the European Commission announced its proposals to amend the current European Market Infrastructure Regulation (Reg. No. 648/2012) (“EMIR”). The proposals stem from its public consultation and Call for Evidence carried out in 2015 and 2016 (the “EMIR Review”).

The proposed changes will now be considered by the European Parliament and the Council of the EU but, if enacted in the current proposed form, will affect not only European counterparties, but also many non-EU counterparties.