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 practice note provides comprehensive and up to date legal information covering:

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

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.

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), as amended by EMIR REFIT (Regulation (EU) 2019/834) and EMIR 2.2 (Regulation (EU) 2019/2099). 

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.TS 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 10–15 of:

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

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