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European Reform Reaches Milestone


Although the European Market Infrastructure Regulation (EMIR) represents Europe's main response to over-the-counter (OTC) derivatives market reform, other legislative proposals will play a key role in determining how Europe's financial markets are regulated. These include the revision of the Markets in Financial Instruments Directive (MiFID) and the Market Abuse Directive, the revision of the Capital Requirements Directive (CRD IV) and the upcoming regulation on Central Securities Depositories (CSDR).

"Unlike the U.S. Dodd-Frank Act, which sought to transform the financial services industry through one sweeping piece of legislation, Europe is relying on the development of a number of legislative proposals to determine how the industry is regulated," said Andrew Douglas, DTCC head of European Government Relations. "Now that EMIR is finalized, we can expect to see European policymakers turn their attention to achieving political consensus on other key financial legislative initiatives in the coming year."