Emir requires a formal vote by the European Parliament and approval by the council – a spokesman for Barnier says that should be straightforward – but the baton now passes to Esma, which has to write the detailed rules required by Emir. Much of that work has to be completed by the end of June, and some bankers and regulators say the deadline should be moved back to allow a healthy consultation period.

via Emir clearing rules agreed – but calls grow for delay to Esma deadlines – Risk.net.

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So with EMIR complete, but not yet approved by the Parliament, ESMA now translates the regulation into rules of the road, something they’d like to complete by end of June 2012. The push back is that any rules published by ESMA need sufficient time for review and comment.