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  4. EMIR

EMIR

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories

  • EMIR
    • Recital
    • TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
      • Article 1 Subject matter and scope
        DA
        DA
        DA
        Q&A
      • Article 2 Definitions
        GL
        Q&A
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        Q&A
      • Article 2a Equivalence decisions for the purposes of the definition of OTC derivatives
      • Article 3 Intragroup transactions
        Q&A
    • TITLE II CLEARING, REPORTING AND RISK MITIGATION OF OTC DERIVATIVES
      • Article 4 Clearing obligation
        RTS
        RTS
        RTS
        Q&A
        DA
        DA
      • Article 4a Financial counterparties that are subject to the clearing obligation
        Q&A
        Q&A
      • Article 4b Post-trade risk reduction services
      • Article 5 Clearing obligation procedure
        RTS
        DA
        RTS
        RTS
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      • Article 6 Public register
        RTS
        Q&A
      • Article 6a Suspension of clearing obligation
      • Article 7 Access to a CCP
      • Article 7a Active account
        Q&A
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        Q&A
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        Q&A
      • Article 7b Monitoring of the active account obligation
      • Article 7c Information on the provision of clearing services
      • Article 7d Information on clearing activity in CCPs recognised under Article 25
      • Article 7e Information on Union CCPs
      • Article 8 Access to a trading venue
        RTS
      • Article 9 Reporting obligation
        GL
        Q&A
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        GL
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        ITS
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      • Article 10 Non-financial counterparties
        Q&A
        RTS
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      • Article 11 Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
        Q&A
        RTS
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      • Article 12 Penalties
        Q&A
      • Article 13 Mechanism to avoid duplicative or conflicting rules with regard to OTC derivative contracts not cleared by a CCP
        Q&A
      • Article 13a Amendments to legacy contracts for the purpose of the implementation of benchmark reforms
    • TITLE III AUTHORISATION AND SUPERVISION OF CCPs
      • CHAPTER 1 Conditions and procedures for the authorisation of a CCP
        • Article 14 Authorisation of a CCP
          Q&A
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        • Article 15 Extension of activities and services
          GL
          OP
          Q&A
        • Article 15a Exemption from authorisation of an extension of clearing services or activities
        • Article 16 Capital requirements
          RTS
          Q&A
        • Article 17 Procedure for granting and refusing authorisation
          GL
        • Article 17a Accelerated procedure for authorisation of an extension of authorisation
        • Article 17b Procedure for adopting decisions, reports or other measures
        • Article 17c Central database
        • Article 18 College
          GL
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        • Article 19 Opinion of the college
          GL
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        • Article 20 Withdrawal of authorisation
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        • Article 21 Review and evaluation
          GL
      • CHAPTER 2 Supervision and oversight of CCPs
        • Article 22 Competent authority
          GL
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      • CHAPTER 3 Cooperation
        • Article 23 Cooperation between authorities
        • Article 23a Supervisory cooperation between competent authorities and ESMA with regards to authorised CCPs
        • Article 23b Joint Monitoring Mechanism
        • Article 24 Emergency situations
          GL
      • CHAPTER 3A CCP Supervisory Committee
        • Article 24a CCP Supervisory Committee
        • Article 24b Consultation of central banks of issue
        • Article 24c Decision making within the CCP Supervisory Committee
        • Article 24d Decision making within the Board of Supervisors
        • Article 24e Accountability
      • CHAPTER 4 Relations with third countries
        • Article 25 Recognition of a third-country CCP
          DA
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        • Article 25a Comparable compliance
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        • Article 25b Ongoing compliance with the conditions for recognition
        • Article 25c Third-country CCP college
        • Article 25d Fees
          DA
        • Article 25e Exercise of the powers referred to in Articles 25f to 25h
        • Article 25f Request for information
        • Article 25g General investigations
        • Article 25h On-site inspections
        • Article 25i Procedural rules for taking supervisory measures and imposing fines
          DA
        • Article 25j Fines
        • Article 25k Periodic penalty payments
        • Article 25l Hearing of the persons concerned
        • Article 25m Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
        • Article 25n Review by the Court of Justice
        • Article 25o Amendments to Annexes III and IV
        • Article 25p Withdrawal of recognition
        • Article 25q Supervisory measures by ESMA
    • TITLE IV REQUIREMENTS FOR CCPs
      • CHAPTER 1 Organisational requirements
        • Article 26 General provisions
          RTS
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          GL
          Q&A
        • Article 27 Senior management and the board
        • Article 28 Risk committee
          GL
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          Q&A
        • Article 29 Record keeping
          ITS
          RTS
        • Article 30 Shareholders and members with qualifying holdings
          GL
        • Article 31 Information to competent authorities
          GL
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        • Article 32 Assessment
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        • Article 33 Conflicts of interest
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        • Article 34 Business continuity
          RTS
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        • Article 35 Outsourcing
          GL
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      • CHAPTER 2 Conduct of business rules
        • Article 36 General provisions
        • Article 37 Participation requirements
        • Article 38 Transparency
          Q&A
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        • Article 39 Segregation and portability
          Q&A
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      • CHAPTER 3 Prudential requirements
        • Article 40 Exposure management
        • Article 41 Margin requirements
          RTS
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          GL
          OP
          Q&A
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        • Article 42 Default fund
          RTS
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        • Article 43 Other financial resources
          Q&A
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        • Article 44 Liquidity risk controls
          RTS
        • Article 45 Default waterfall
          RTS
          Q&A
        • Article 45a Temporary restrictions in the case of a significant non-default event
          GL
        • Article 46 Collateral requirements
          RTS
          Q&A
        • Article 47 Investment policy
          RTS
          Q&A
          Q&A
        • Article 48 Default procedures
          Q&A
        • Article 49 Review of models, stress testing and back testing
          RTS
          GL
          OP
          Q&A
          OP
        • Article 49a Accelerated procedure for non-significant changes to a CCP’s models and parameters
        • Article 50 Settlement
      • CHAPTER 4 Calculations and reporting for the purposes of Regulation (EU) No 575/2013
        • Article 50a Calculation of KCCP
          ITS
        • Article 50b General rules for the calculation of KCCP
        • Article 50c Reporting of information
          ITS
        • Article 50d Calculation of specific items to be reported by the CCP
    • TITLE V INTEROPERABILITY ARRANGEMENTS
      • Article 51 Interoperability arrangements
        GL
        GL
      • Article 52 Risk management
        GL
        GL
      • Article 53 Provision of margins among CCPs
        GL
      • Article 54 Approval of interoperability arrangements
        GL
        GL
    • TITLE VI REGISTRATION AND SUPERVISION OF TRADE REPOSITORIES
      • CHAPTER 1 Conditions and procedures for registration of a trade repository
        • Article 55 Registration of a trade repository
          GL
        • Article 56 Application for registration
          RTS
          ITS
          Q&A
        • Article 57 Notification of and consultation with competent authorities prior to registration
        • Article 58 Examination of the application
        • Article 59 Notification of ESMA decisions relating to registration
        • Article 60 Exercise of the powers referred to in Articles 61 to 63
        • Article 61 Request for information
          GL
        • Article 62 General investigations
          GL
        • Article 63 On-site inspections
        • Article 64 Procedural rules for taking supervisory measures and imposing fines
          DA
        • Article 65 Fines
        • Article 66 Periodic penalty payments
        • Article 67 Hearing of the persons concerned
        • Article 68 Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
        • Article 69 Review by the Court of Justice
        • Article 70 Amendments to Annex II
        • Article 71 Withdrawal of registration
          GL
        • Article 72 Supervisory fees
          DA
        • Article 73 Supervisory measures by ESMA
        • Article 74 Delegation of tasks by ESMA to competent authorities
      • CHAPTER 2 Relations with third countries
        • Article 75 Equivalence and international agreements
        • Article 76 Cooperation arrangements
        • Article 76a Mutual direct access to data
        • Article 77 Recognition of trade repositories
    • TITLE VII REQUIREMENTS FOR TRADE REPOSITORIES
      • Article 78 General requirements
        GL
        GL
        Q&A
        RTS
      • Article 79 Operational reliability
        GL
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      • Article 80 Safeguarding and recording
        GL
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      • Article 81 Transparency and data availability
        GL
        Q&A
        Q&A
        RTS
        GL
        GL
      • Article 82 Exercise of the delegation
    • TITLE VIII COMMON PROVISIONS
      • Article 83 Professional secrecy
        GL
      • Article 84 Exchange of information
        GL
    • TITLE IX TRANSITIONAL AND FINAL PROVISIONS
      • Article 85 Reports and review
        DA
      • Article 86 Committee procedure
      • Article 87 Amendment to Directive 98/26/EC
      • Article 88 Websites
      • Article 89 Transitional provisions
        OP
        OP
        OP
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      • Article 90 Staff and resources of ESMA
      • Article 91 Entry into force
    • ANNEX I - List of infringements referred to in Article 65(1)
    • ANNEX II - List of the coefficients linked to aggravating and mitigating factors for the application of Article 65(3)
    • ANNEX III List of infringements referred to in Article 25j(1)
    • ANNEX IV List of the coefficients linked to aggravating and mitigating factors for the application of Article 25j(3)
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