The Alternative Investment Management Association (AIMA) has requested European Union (EU) lawmakers to reconsider a provision of the European Market Infrastructure Regulation (EMIR). AIMA believes that the provision could exclude EU-established financial services providers from using central counterparties (CCPs) not based in Europe.

As per the terms of the European Parliament draft text, a third-country CCP will only be allowed to provide clearing services to EU entities if those entities obtained an authorization in each individual EU member state. AIMA believes that it may be difficult for many third countries and their CCPs to meet these criteria due to the differences between the requirements on CCPs, clearing members and clients.

Click here for the release from Alternative Investment Management Association.