Post-trading/Clearing and Reporting (EMIR)
European Markets Infrastructure Regulation (EMIR)
EMIR came into force on 16 August 2012 and introduced requirements aimed at improving the transparency of OTC derivatives markets and to reduce the risks associated with those markets.
In order to achieve this, EMIR requires that OTC derivatives meeting certain requirements are subject to the clearing obligation and for all OTC derivatives that are not centrally cleared that risk mitigation techniques apply. In addition, all derivatives transactions need to be reported to TRs. Finally, EMIR establishes organisational conduct of business and prudential standards for both trade repositories (TRs) and central counterparties (CCPs).
Key EMIR provisions
- Reporting obligation for derivatives contracts
- Requirements for trade repositories (TRs)
- Clearing obligation for OTC derivatives and risk mitigation techniques for non-cleared OTC derivatives including non-financial counterparties (NFC) obligations
- Requirements for clearing houses/central counterparties (CCPs)
ESMA measures implementing EMIR
EMIR required ESMA to draft Regulatory and Implementing Technical Standards (RTS and ITS) to further detail and implement the provisions of EMIR.
These standards cover:
- Details of the data to be reported to TRs
- Details of the application for registration as a TR
- Data to be published by trade TRs and operational standards
- Colleges for CCPs
- General requirements and prudential requirements for CCPs
- Clearing obligation, risk mitigation techniques and NFCs
The provisions of EMIR together with deadlines included within the different technical standards imply a phased-in implementation of the legal framework.
|Last update 19 March 2014
|23/02/13||Publication of the delegated regulations in the Official Journal|
|15/03/13||A.||Entry into force of the delegated regulations|
|Central counterparty clearing houses (CCPs)|
|15/09/13||Previously existing EU CCPs authorisation application deadline [A+6 months]|
|18/03/14||B.||First EU CCP authorised|
|18/03/14||First notification for the clearing obligation under Art. 5 [immediately after B]|
|18/09/14(*)||ESMA to submit draft RTS on the clearing obligation [B + 6 months]|
|Trade repositories (TRs)|
|07/11/13||C.||Adoption of the registration decision of the first trade repositories|
|12/02/14||Reporting start date for all asset classes [C+5 working days + 90 calendar days]|
(*) Draft RTS on the clearing obligation will be proposed if the classes of OTC derivatives notified to ESMA meet the criteria defined in EMIR. The clearing obligation procedure defined in Article 5(2) of EMIR is triggered every time a new CCP clearing OTC derivatives is authorised, and the assessment by ESMA of the suitability of the classes for the clearing obligation will be performed only on the classes notified to ESMA. This means that if CCPs are authorised on different dates, several clearing obligation procedures may run in parallel.