The European Commission proposed some amendments to the European Market Infrastructure Regulation to reduce costs and regulatory burdens to market participants trading derivatives in the European Union. Among other changes, the EC proposes that, for exchange-executed derivatives, the relevant clearinghouse would report each transaction for both parties to a trade repository (as opposed to the parties themselves); for over-the-counter transactions involving a small non-financial counterparty and a financial counterparty, only the financial counterparty would have an obligation to report to a TR (as opposed to both parties); the category of small financial counterparties would be defined to exclude very small financial counterparties from a clearing obligation where central clearing is not economically feasible because of a firm’s small volume; and the obligation to report historic data would be eliminated. (Click here for further details regarding the EC’s proposals in the article “European Commission Proposes Reforms to EMIR” in the May 5, 2017 edition of Corporate & Financial Weekly Digest by Katten Muchin Rosenman LLP.)