EMIR—one minute guide
EMIR—one minute guide

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

  • EMIR—one minute guide
  • What is EU EMIR?
  • Brexit—onshoring of EU EMIR
  • Key requirements of EU EMIR and UK EMIR
  • Categorisation of counterparties under EU EMIR and UK EMIR
  • EU EMIR REFIT and EU EMIR 2.2
  • Indirect clearing
  • Further information on EU EMIR and UK EMIR

EMIR—one minute guide

What is EU EMIR?

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 (EU) 648/2012 (OJ L 201/1) (EU EMIR) implements most of the pledged reforms in the EU. EU EMIR covers OTC derivatives, central clearing counterparties (CCPs) and trade repositories (TRs). EU 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 2022. 

Brexit—onshoring of EU EMIR

HM Treasury established a process under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) for domesticating EU law to ensure legal continuity following the UK’s exit from the EU. EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which made provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.

The Withdrawal Agreement set out the arrangements for the UK’s withdrawal from the EU. It included a transition period (or, to use the UK government’s phraseology, the ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day). During the implementation period, the UK was treated,

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