This article examines the four reports released by the European Securities and Markets Authority (ESMA) regarding issues surrounding the implementation of the European Market Infrastructure Regulation (EMIR), as well as other challenges not covered by ESMA. The article addresses how the European Commission (EC) is not likely to publically respond to the reports until late 2015. Changes to EMIR will need to wait until 2016, as the EC, the European Council and the European Parliament would all have to approve.

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