EU sparks hopes of securitisation margin reprieve

Optimism over EU Council amendment, but Parliament will still have to approve

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Hope on the horizon: the Estonian presidency of the Council has proposed a compromise

The Council of the European Union has raised hopes of securitisation special-purpose vehicles being exempt from posting margin on over-the-counter derivatives when new legislation is finalised next year.

On May 4, the European Commission published a review of the European Market Infrastructure Regulation (Emir), which would reclassify SSPVs as financial counterparties instead of non-financial counterparties (NFCs) and therefore subject them to collateral requirements on OTC derivatives

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