In the first article in this series we took an overview of the regulatory policy objectives of the G20 group of Finance Ministers and their aim to restore global growth, strengthen the international financial system and reform international financial institutions following the 2007/2009 banking crisis and subsequent recession.
The second article considered the Dodd Frank Act, which is the US approach to meeting America’s G20 obligations.
This third article looks at the equivalent European response to the G20’s demand for tighter financial regulation, the European Market Infrastructure Regulation (‘EMIR’).
The interaction of European legislative bodies can cause confusion so a quick recap of who is responsible for what may be helpful for non-Europeans readers:
The European Parliament (‘EP’) is comprised of about 750 directly elected Members of the European Parliament (‘MEPs’) divided along the lines of political affiliation rather than nationality. It is the ‘macro’ legislative body approving such decisions as the EU budget or the acceptance of new member states (‘MS’). It scrutinizes the work of the European Commission and has the power to commission new work or investigations………………………….. Read full story › On Oilvoice