In the event of the United Kingdom leaving the European Union
without an agreed deal on 31 January 2020, UK counterparties will
need to make changes to their derivatives reporting arrangements in
advance of that date to ensure that they comply with the UK's
European Market Infrastructure Regulation
("EMIR") reporting requirements
immediately post-Brexit. This briefing sets out what steps UK
counterparties to derivatives transactions should take now in
relation to their reporting arrangements to ensure a smooth
transition on and after Brexit.
EMIR and much of its secondary implementation legislation takes
the form of a Regulation and is therefore (before exit) directly
applicable in UK law. The European Union (Withdrawal) Act 2018
provides that EU legislation that is directly applicable, such as
EU EMIR, will form part of UK law on exit day and gives power to
the UK government to amend the legislation so that it operates
effectively post-Brexit. Consequently,
