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

  • EMIR—essentials
  • EMIR—Introduction
  • Key requirements of EU EMIR
  • EMIR level 2 and level 3 measures
  • EMIR REFIT and EMIR 2.2
  • Brexit—onshoring of EU EMIR
  • Derivatives and OTC derivatives
  • Clearing obligation
  • What is the clearing obligation?
  • Which OTC derivative contracts have been declared subject to the clearing obligation?
  • More...


In each section of this Practice Note, links are given to the relevant provisions of EU and/or UK legislation, as applicable, and significant divergence between relevant EU and UK legislation is explained.


Key requirements of EU EMIR

The European Market Infrastructure Regulation (EU) 648/2012 (OJ L 201, 27.7.2012, p. 1) (EU 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.


EU EMIR has been amended by, among other measures:

  1. Regulation (EU) 2019/834 (OJ L 141/42) (EU EMIR REFIT), and

  2. Regulation (EU) 2019/2099 (OJ L 322/1) (EU EMIR 2.2)

For information on the changes made to EU EMIR by EU EMIR REFIT and EU

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