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ARTICLE · 20 NOVEMBER 2012

ESMA’s Technical Standards For EMIR

Morrison Foerster
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The publication of ESMA's standards on EMIR sees the EU taking its final steps towards meeting the G20 commitment on bringing OTC derivatives trading under supervision.

United StatesFinance and Banking
Peter Green
Peter Green
Lewis Lee
Lewis Lee
Jeremy Jennings-Mares
Jeremy Jennings-Mares
Shruti Chandhok
Shruti Chandhok
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"The publication of ESMA's standards on EMIR sees the EU taking its final steps towards meeting the G20 commitment on bringing OTC derivatives trading under supervision, and provides clarity to the market on the shape of the new regime." - Steven Maijoor, ESMA Chair

The European Market Infrastructure Regulation ("EMIR"), which came into force on 16 August 2012, created a new framework with the aim of introducing greater transparency and risk management mechanisms to the over the counter ("OTC") derivatives market in Europe.

On 27 September 2012, the European Securities and Markets Authority ("ESMA") released a final report (the "Report") to supplement EMIR with certain implementing and regulatory technical standards. The Report sets out specific details of EMIR's requirements and how they are to be implemented in practice and is divided into three sections (i) OTC derivatives, (ii) Centralised Clearing Parties ("CCPs") and (iii) Trade Repositories.

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