This is the second part in our series on European
Market Infrastructure Regulation (EMIR). See our previous
installment on
Counterparty Classifications.
Swaps end-users that trade with counterparties that are
established in the European Union (EU) (or that have affiliates
established in the EU) and that trade derivatives should be aware
that they may be subject to the European Market Infrastructure
Regulation (EMIR). Similar to Dodd-Frank (DF) in the U.S., EMIR
imposes reporting, clearing and risk mitigation obligations on
end-users of derivatives; however, an end-user's EMIR
obligations may be different from and potentially more burdensome
than its DF obligations. McGuireWoods LLP is providing a series of
updates for swaps end-users regarding their potential obligations
under EMIR. This update describes an end-user's reporting
obligations under EMIR and how EMIR's reporting obligations are
different than under DF.
