Newsletter April 2012: Derivatives regs pass last hurdle in EU parliament

BRUSSELS – The proposed EU law to regulate the vast over-the-counter (OTC) derivatives market received overwhelming backing from the European Parliament at the end of March, 18 months after the EU executive first submitted proposals for a European Markets Infrastructure Regulation (EMIR). Lawmakers voted by 602 to 23 in favour of the regulation, with 27 abstentions. This followed a deal two months earlier in the co-legislative body, the European Council, representing the bloc’s member countries (see February issue of GRR).