Tag: ECJ
US to EU- the honeymoon is over
Although prefaced by the usual caveat that “the views contained in this speech are my own and do not represent the views of the CFTC”, Commissioner Brian Quintenz delivered the keynote address yesterday at the FIA Annual Meeting, eviscerating the EU’s plans to revise EMIR in respect of CCP oversight. The short speech is well-worth reading in full, […]
City 1 – ECB 0
In a keenly-awaited judgement, the European Court of Justice has ruled that the ECB does not have authority under EU law to oversee CCPs that clear euro-denominated trades. The General Court held that: “The ECB lacks the competence necessary to regulate the activity of securities clearing systems as its competence is limited to payment systems […]
FTT- ECJ to UK: “Come back later”
The ECJ yesterday rejected the UK’s application for annulment of Council Decision 2013/52/EU of 22 January 2013 authorising enhanced co-operation for the financial transaction tax (FTT). The ECJ judged the UK’s challenge to be premature, an unsurprising procedural decision that the FTT cannot be substantively challenged until its terms are finalised in a directive. “The […]