European Market Infrastructure Regulation (EMIR)—level 2 and level 3 measures
European Market Infrastructure Regulation (EMIR)—level 2 and level 3 measures

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

  • European Market Infrastructure Regulation (EMIR)—level 2 and level 3 measures

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.

The purpose of this Practice Note is to provide an overview of the technical standards (TS), technical advice and guidelines developed by the European Securities and Markets Association (ESMA), the European Banking Authority (EBA) or by ESMA, EBA and the European Insurance and Occupational Pensions Authority (EIOPA) acting together (the European Supervisory Authorities or ESAs) in relation to the European Market Infrastructure Regulation (EU) 648/2012 (EMIR). Various provisions of EMIR require ESMA, EBA or the ESAs to develop TS to be adopted by the European Commission (the Commission) by means of delegated acts. ESMA is also required to develop guidelines under certain provisions of EMIR.

Technical standards comprise regulatory technical standards (RTS) and implementing technical standards (ITS).The procedure for adopting TS developed by ESMA, EBA and EIOPA respectively is set out in Articles 10 to 15 of:

  1. Regulation (EU) 1095/2010 establishing ESMA (the ESMA Regulation)

  2. Regulation (EU) 1093/2010 establishing EBA (the EBA Regulation), and

  3. Regulation (EU) 1094/2010 establishing EIOPA (the EIOPA Regulation)

This Practice Note also provides