European Market Infrastructure Regulation (EMIR)

The European Market Infrastructure Regulation (EMIR) (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories, aims to increase transparency in derivative markets. EMIR’s origins lie in the G20 commitments to increase transparency for OTC derivatives agreed in Pittsburgh in September 2009.

 Level 1:

European Market Infrastructure Regulation (EMIR)

Level 2:

The Commission has adopted a range of Implementing and Delegated Acts, including Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). A complete list can be downloaded from the linked page.

Level 3:

Level 3 guidance includes ESMA Q&As on EMIR implementation.

EMIR Refit Regulation

Following a review of EMIR in 2015 and 2016, the Commission proposed a first set of amendments to EMIR in May 2017, with an accompanying communication. The amendment package is known as the EMIR Refit (Regulation (EU) 2019/834). The majority of provisions within the EMIR Refit Regulation entered into force on 17 June 2019.

EMIR 2.2

EMIR 2.2 (Regulation (EU) 2019/2099) amends EMIR with measures designed to enhance the supervision of third country CCPs and make the supervision of EU CCPs more coherent. EMIR 2.2 was published in the Official Journal of the EU on 12 December 2019 and applied from 1 January 2020.

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