The European Commission has today adopted a Delegated Regulation providing for an exemption from pre- and post-trade transparency requirements under EU law to the benefit of the People's Bank of China in its performance of monetary, foreign exchange and financial stability policies. EU central banks already benefit from certain exemptions under the Markets in Financial Instruments Regulation (MiFIR) that help them perform more efficiently their statutory tasks in the pursuit of monetary, foreign exchange and financial stability policy...
Such exemptions are necessary given their special public role of central banks. MIFIR also empowers the Commission to extend the scope of this exemption to non-EU central banks where the prerequisite conditions are fulfilled. Other non-EU central banks, 13 in total, already enjoy these exemptions. In August 2018, the People's Bank of China provided the data necessary to complete the assessment, which the Commission concluded appropriate for the purpose of this exemption. The Commission Delegated Regulation will be under scrutiny of the European Parliament and the Council for respectively 3 and 3 months, with a targeted entry into application on 18 October 2019.
