European Market Infrastructure Regulation (EMIR)—timeline
European Market Infrastructure Regulation (EMIR)—timeline

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

  • European Market Infrastructure Regulation (EMIR)—timeline

This timeline shows key developments relating to the Regulation on over-the-counter (OTC) derivative transactions, central counterparties (CCPs) and trade repositories (commonly known as the 'European Market Infrastructure Regulation' or 'EMIR'). EMIR came into force on 16 August 2012. EMIR was directly applicable in Member States and (UK legislation, therefore, was not required to bring it into force), and aims to increase financial stability by preventing a domino effect in the event of the collapse of one financial firm.

EMIR introduced requirements in key four areas:

  1. all derivatives transactions must be reported in order to be able to locate where the risks can be found in the system

  2. it sets out requirements for central counterparties, in order to ensure harmonious standards across the EU

  3. requires central clearing for all standardised derivatives, and

  4. in regards to non-cleared transactions it ensures that there are incentives to manage risk and promote central clearing

Date Source Document Description
4 February 2017–1 September 2020  Margining requirements for non-centrally cleared trades apply from 4 February 2017 for the largest institutions
30 September 2019 ESMA Press release: ESMA analyses use of derivatives by UCITS equity funds The European Securities and Markets Authority (ESMA) published details of a study it has conducted on the use of derivatives by UCITS equity funds in collaboration with researchers from the Technical University of Munich (TUM).