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EU proposal concerning supervision of central counterparties is too far-reaching

11 October 2017 klockan 12.41

The Riksdag considers the EU Commission's proposal to conflict with the subsidiarity principle, that is, the principle whereby decisions are to be taken in as close consultation with citizens as possible. The Riksdag is therefore submitting a reasoned opinion to the Presidents of the European Parliament, the Council and the Commission.

The EU Commission is seeking to amend the regulations for supervising actors who serve as intermediaries between purchasers and sellers in certain financial transactions. The aim of the Commission's proposal is to reinforce supervision of central counterparties in order to reduce risks linked to trade.

The Riksdag's view is that the EU Commission's proposal conflicts with the subsidiarity principle, that is, the principle whereby decisions are to be taken in as close consultation with citizens as possible. According to the proposal, consent should be required from the European Securities and Markets Authority (Esma) and relevant central banks for certain decisions. The proposal does not take adequate consideration of the control mechanisms that are already in place, and the proposal risks creating an inefficient supervisory structure.

The Riksdag is submitting a reasoned opinion to the Presidents of the European Parliament, the Council and the Commission.