On August 13, 2015, the European Securities and Markets
Authority (ESMA) published four reports on how the EMIR (the
Regulation on over the counter derivative transactions, central
counterparties and trade repositories) (Regulation
648/2012)) framework has been functioning and providing input
to the European Commission's EMIR review.
The first three reports set out below are required under Article
85(1) of EMIR and the fourth responds to the Commission's EMIR
review.
1) Review of the use of over-the-counter (OTC) derivatives
by non-financial counterparties (ESMA/2015/1251)
This
report provides an overview of non-financial counterparties
(NFCs) and issues relating to their classification, together with
an analysis of the systemic importance of transactions carried out
by NFCs in OTC derivatives markets. ESMA concludes that, when
compared to financial counterparties, the systemic relevance of
NFCs appears limited, although they are significant players in
