The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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 Notes: Brexit—impact on finance transactions—Key issues for derivatives transactions, Brexit—impact on finance transactions—Derivatives and debt capital markets transactions—key SIs and Preparing for Brexit: EMIR—quick guide.
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 t
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