On May 14, the Council of the European Union (Council of the EU) published a press release announcing that it had adopted at first reading the proposed Regulation to amend the European Markets Infrastructure Regulation (EMIR), or the EMIR Refit Regulation. This follows the preliminary political agreement the Council of the EU and the European Parliament reached in February 2019 on proposed amendments to be made to EMIR (as reported in the February 8, 2019 edition of the Corporate & Financial Weekly Digest).

The EMIR Refit Regulation will go into effect 20 days after it is published in the Official Journal of the European Union. The majority of provisions will apply from the date it goes into effect, which is expected to be by June 21.

The Council of the EU’s press release is available here.

For more information, see Katten’s advisory, “EMIR REFIT: What Non-EU Asset Managers Should be Doing Now.”