BREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions—Key issues for derivatives transactions and Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs.
EMIR REFIT and EMIR 2.2: EMIR REFIT (Regulation (EU) 2019/834 amending Regulation (EU) 648/2012 (EMIR)) as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for over the counter (OTC) derivative contracts not cleared by a central counterparty (CCP), the registration and supervision of trade repositories (TRs) and the requirements for TRs was published in the Official Journal of the EU on 28 May 2019 and has effect from 17 June 2019, and on 13 March 2019, the European Parliament, the Council of the EU and the Commission reached a political agreement on EMIR 2.2 (the proposed Regulation amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs). For a summary of the changes made to EMIR by EMIR REFIT and the currently proposed changes to be made to EMIR by EMIR 2.2, see Practice Note: EMIR REFIT and EMIR 2.2 roadmap. For discussion of the changes made to EMIR by EMIR REFIT, see News Analysis: The EMIR REFIT proposal.
The European Market Infrastructure Regulation (EMIR) came into force on 16 August 2012 with the aim of improving transparency and reducing systemic risks associated with over-the-counter (OTC) derivatives markets. One of the principal risk reduction tools
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