The following Financial Services practice note provides comprehensive and up to date legal information covering:
BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.
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 the 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 came into force in the first half of 2017 with some provisions being phased in until 2021.
Reporting: all new and outstanding derivatives contracts are required to be reported to an authorised TR—for information, see Practice Note: Trade reporting obligation.
Clearing: certain counterparties are required to clear OTC derivative contracts through a CCP which has been authorised or recognised
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