3rd August 2016

Response to EBF letter on an exemption for non-EU central banks from the requirements of EMIR

The BBA, in our role as members of the European Banking Federation, recently wrote to the European Commission on the treatment under EMIR of non-EU central banks and public bodies that manage public debt, with the suggestion that these entities be exempt from certain aspects of EMIR to better serve cross-border trade. With the recent UK vote to leave the EU this has become a particularly pertinent issue for us, as the Bank of England will eventually become a non-EU central bank.

The Commission confirmed their agreement that it would be beneficial for non-EU central banks and other debt-managing public bodies to be exempt from certain requirements of EMIR, and that they were currently in the process of assessing the possibility of adding these central banks and public bodies to the list of entities exempted from certain provisions of EMIR.