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What is EMIR?
In 2009 the G20 pledged to undertake reforms aimed at increasing transparency and reducing systemic counterparty risk in the over-the-counter (OTC) derivatives market. The European market infrastructure regulation (EMIR) implements most of these pledged reforms in the European Union (EU). EMIR covers OTC derivatives, central clearing counterparties (CCPs) and trade repositories (TRs). EMIR entered into force on 16 August 2012 with the first obligations relating to TRs and CCPs coming into force in March 2013. The final key requirements are due to come into force in the second half of 2015 with some provisions being phased in until 2020.
KEY EMIR REQUIREMENTS
WHICH ENTITIES DOES EMIR APPLY TO?
EMIR applies to entities established in the EU entering into derivatives contracts, and in some cases indirectly to non-EU entities trading with EU parties (although non-EU counterparties will not have to report to a TR). There are two main categories of counterparty to a derivatives contract:
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