EMIR REFIT and EMIR 2.2 roadmap
EMIR REFIT and EMIR 2.2 roadmap

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

  • EMIR REFIT and EMIR 2.2 roadmap
  • EMIR REFIT
  • EMIR 2.2

EMIR REFIT (Regulation (EU) 2019/834 amending Regulation (EU) 648/2012 (EMIR)) as regards the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for over the counter (OTC) derivative contracts not cleared by a central counterparty (CCP), the registration and supervision of trade repositories (TRs) and the requirements for TRs was published in the Official Journal of the EU on 28 May 2019 and has effect from 17 June 2019.

On 13 March 2019, the European Parliament, the Council of the EU and the Commission reached a political agreement on EMIR 2.2 (the proposed Regulation amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs). EMIR 2.2 was approved at first reading by the European Parliament on 18 April 2019, the version approved is available here. EMIR 2.2 was adopted by the Council of the EU on 15 October 2019 and signed on 23 October 2019. This completed the legislative procedure for EMIR 2.2, which is expected to be published in the Official Journal of the EU on 12 December 2019 .

This Practice Note summaries the changes made to EMIR by EMIR REFIT and the changes to be made to EMIR by EMIR 2.2.

EMIR REFIT

The table below summarises the main changes made to