The following Pensions guidance note Produced in partnership with Jason Brooks and Jason Harding of CMS provides comprehensive and up to date legal information covering:
EMIR introduced requirements to improve transparency and reduce risks associated with the derivatives market.
It applies to pension plans and common investment funds, although the various requirements contained in EMIR are being phased in over time.
EMIR entered into force on 16 August 2012, with the majority of provisions applying after the relevant technical standards entered into force. It was amended on 17 June 2019 through Regulation (EU) 2019/834 (known as EMIR Refit).
On 13 March 2019, the European Parliament, the Council of the EU and the Commission reached a political agreement on EMIR 2.2 (EU) 2019/2099, which further amends EMIR as regards the procedures and authorities involved for the authorisation of central counterparties (CCPs) and requirements for the recognition of third-country CCPs). EMIR 2.2 was signed on 23 October 2019 and published in the Official Journal on 12 December 2019. It came into force on 1 January 2019. For further information, see Practice Note: EMIR REFIT and EMIR 2.2 roadmap (subscription dependent).
EMIR imposes three main obligations on market participants:
reporting—derivative contracts that are entered into (amended or terminated) will usually have to be reported to a trade repository
risk mitigation—implementation of risk management standards, including operational processes and margining, for all bilateral over-the-counter (OTC) derivatives, ie trades that are not exchange-traded and are
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.