EC’s McGuinness: active accounts rule ‘light’ on largest firms

Active clearing account requirement not as ambitious as she hoped, says commissioner

Alexandros Michaelidis/Alamy

The commissioner for financial services at the European Commission has expressed dissatisfaction with the direction taken by regulators on upcoming rules requiring firms to maintain an active account at a clearing house within the European Union. 

The final text of the European Market Infrastructure Regulation, dubbed Emir 3.0, is expected to be released by mid-April, ahead of the current European Parliament term’s end in May. It will require firms to clear a representative proportion of their

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