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It will be recalled that on 3 May 2011, the Hungarian Presidency of the Council of the EU published a compromise proposal dated 29 April 2011, relating to the proposed European Market Infrastructure Regulation (“EMIR”) to be considered at a meeting of the Council’s working party on financial services (see “Financial Services Europe and International Update”, DechertOnPoint, Issue 7 (May 2011) (following earlier compromise proposals previously published by the Presidency
