The financial crisis has brought derivatives to the forefront of regulatory attention. In 2009, the G-20 leaders agreed that all standardized over-the-counter (OTC) derivative contracts should be traded on exchanges and cleared through central counterparties by the end of 2012. In CapLaw-2010-47, we gave an overview of the pending initiatives to regulate OTC derivatives in the EU. Since then, some significant developments have occurred. This article provides an update on the pending initiatives to regulate OTC derivatives in the EU.