On 9 February 2011, the Hungarian Presidency of the Council of the EU published a compromise proposal dated 7 February 2011, relating to the EU Commission'sproposed regulation on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories (also known as the European Market Infrastructure Regulation or EMIR).

The compromise proposal was to be considered at a meeting of the Council's working party on financial services on 10 February 2011. On 19 February 2011, an opinion of the European Economic and Social Committee (dated 8 December 2010), on the EMIR was published in the Official Journal of the European Union generally welcoming the proposal and recommending that completion of the institutional and regulatory architecture involved in reforming financial markets regulation should be expedited. If adopted, EMIR is likely to apply from the end of 2012.