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This briefing provides an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above-mentioned proposals, submitted on 7 December 2022 and referred to the European 合法博彩网站's Committee on Economic and Monetary Affairs (ECON). The initiative 鈥� which would modify the existing framework applying to EU central counterparties (CCPs) and market participants using their services 鈥� aims to reduce the over reliance of EU financial markets on non-EU CCPs and safeguard financial stability in the EU. In particular, it would review the existing European Market Infrastructure Regulation (EMIR) (EU) No 648/2012, which regulates over-the-counter (OTC) derivatives transactions, including measures to limit their risks through central counterparties (CCPs). This initiative, included in the Commission 2022 work programme, would contribute to building a robust EU clearing capacity, make EU capital markets more competitive and resilient, and reinforce the EU's open strategic autonomy.