MEPs in the wider European Parliament were extremely concerned that they were being asked to potentially block the rules. Any delay would have been embarrassing for Europe, as rules are already behind and would break commitments made to the US to keep in line with equivalent laws being implemented under Dodd-Frank.
However, in a last minute turnaround, the European Commission stepped in, agreeing to phase in requirements and give supervisors more flexibility over enforcement. With the last obstacle removed, the technical standards have now been published on the EU's Official Journal and therefore EMIR will pass into law in mid-March. Crucial details needed by firms to finalise their implementations of the rules are expected to be published by ESMA under 'FAQs'.
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