The European Parliament and the Council of the European Union have been granted a one month extension to scrutinise the European Commission Delegated Regulations under the regulation on OTC derivatives, central counterparties and trade repositories (European Markets Infrastructure Regulation (EMIR)). 

The Delegated Regulations were adopted by the Commission on 19 December 2012, based on draft regulatory technical standards submitted by ESMA and the European Banking Authority on 27 September 2012.

The statement issued by Sharon Bowles MEP, chair of the European Parliament’s Economic and Monetary Affairs Committee indicates that the adoption of the delegated regulations shortly before Parliament’s winter recess had made it impossible for Parliament to exercise its scrutiny rights within the one month prescribed period and that she had requested the extension of the scrutiny period by one month, as foreseen in the relevant regulations.

The objection period will now continue until 19 February 2013.  If Council and Parliament do not reject the Delegated Regulations within the extended objection period, they will be published in the Official Journal of the European Union and enter into force 20 days following publication.