The Presidency has summarised its work on the financial services agenda following the meeting of Economics and Finance Ministers (ECOFIN) on 20 June. It says that:
- on the short selling, deposit guarantees and the Single European Payment Area initiatives it has progressed one legislative stage, to discussions with the European Parliament (EP);
- on supplementary supervision of financial conglomerates, it has completed negotiations with the EP; and
- on the proposal for a Regulation on OTC Derivatives, Central Counterparties (CCPs) and Trade Repositories (EMIR) it is pleased at the agreement reached in a number of areas, although several political issues are still outstanding. The major outstanding areas are on the powers of ESMA in respect of CCPs, the scope of the clearing obligations and third-country provisions.