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ARTICLE · 25 MARCH 2013

EMIR - Key Points And Dates Applicable To Financial Counterparties

Dillon Eustace
Dillon Eustace
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A discussion on the EU Regulation on OTC Derivatives, Central Counterparties and Trade Repositories which was adopted on 4 July 2012 and entered into force on 16 August 2012.

IrelandFinance and Banking
Brian Kelliher
Brian Kelliher
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KEY POINTS AND DATES RELATING TO EMIR AS APPLICABLE TO FINANCIAL COUNTERPARTIES

Background

The EU Regulation on OTC Derivatives, Central Counterparties and Trade Repositories ("EMIR")1 which was adopted on 4 July 2012 and entered into force on 16 August 2012 introduced the following:-

  • reporting to trade repositories;
  • clearing obligations;
  • risk mitigation requirements for non-centrally cleared trades;
  • requirements for central clearing counterparties (CCPs) and trade repositories (TRs).

Technical Standards

EMIR also required the European Securities and Markets Association ("ESMA") to deliver to the European Commission its final report on a number of draft technical standards, some of which ESMA produced on 27 September 2012. Technical standards that are yet to be finalised include

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