On July 5, the European Parliament (EP), in plenary session, voted on and approved a text of the European Market Infrastructure Regulation (EMIR) based on the text passed by the Parliament’s ECON committee in May (see the May 27 edition of Corporate and Financial Weekly Digest). This version will now represent the EP’s position when it enters into trilogue negotiations with the European Council and the European Commission to reach an agreed EMIR text.
Trilogue negotiations will not start until the European Council reaches an agreement on its EMIR text. This is expected by October. There is therefore a strong probability that final agreement on the text of EMIR will be reached before the end of 2011.