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ARTICLE · 10 JULY 2019

EMIR REFIT – Impact On AIFs

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Regulation (Eu) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force in August 2012

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This note sets out the application of EMIR and EMIR Refit to Alternative Investment Funds.  

EMIR & EMIR REFIT

Regulation (Eu) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories ("EMIR") entered into force in August 2012 with the aim of addressing the systemic risk posed to the financial system by over-the counter (OTC) derivative contracts. Such OTC transactions lack transparency given that they are privately negotiated, with relevant information on them generally only available to the parties involved.

EMIR therefore sought to reduce that systemic risk by imposing requirements on several elements in the OTC derivative trade ecosystem including:

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