The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • EMIR—essentials
  • EMIR—Introduction
  • Key requirements
  • EMIR level 2 and level 3 measures
  • EMIR 2.2
  • Brexit and EMIR
  • Derivatives and OTC derivatives
  • Clearing obligation
  • What is the clearing obligation?
  • More...


Key requirements

The European Market Infrastructure Regulation (EU) 648/2012 (EMIR) is the principal EU measure regulating the over the counter (OTC) derivatives market. Its key elements are:

  1. a requirement to clear standardised OTC derivatives through a central counterparty (CCP)—see Clearing obligation below

  2. a requirement to report derivative contracts to a trade repository (TR)—see Trade reporting obligation below

  3. margin requirements for non-centrally cleared OTC derivatives—Margin requirements below, and

  4. additional risk mitigation requirements for uncleared trades, including timely confirmation, portfolio reconciliation, portfolio compression and dispute resolution—see Additional risk mitigation requirements below

EMIR level 2 and level 3 measures

For an overview of the technical standards (TS) adopted by the European Commission, guidelines published by the European Securities and Markets Authority (ESMA), and related consultations, final reports and technical advice, see Practice Note: European Market Infrastructure Regulation (EMIR)—level 2 and level 3 measures.


This Practice Note describes the requirements of EMIR as amended, where applicable, by EMIR REFIT (Regulation (EU) 2019/834) amending EMIR as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a CCP, the registration and supervision of TRs and the requirements for TRs), which has effect from 17 June 2019.

EMIR 2.2

EMIR 2.2 (Regulation (EU) 2019/2099 amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the

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