The House of Lords EU Committee has published a report expressing its support for EU proposals for regulating unintermediated bilateral OTC derivatives trades. But it is more cautious about the plans for regulating CCPs saying any regulation should be compatible with a global approach. Also, it says the EU does not have the resources to bail out a failed CCP, so supervision of them should stay national. Other major comments include support for trade repositories to record OTC derivatives contracts. The Committee also cautions inappropriate regulation of derivatives used by non-financial businesses, as these are inherently less risky than those used by financial businesses and so EU action could penalise their use.