The following Financial Services guidance note provides comprehensive and up to date legal information covering:
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:
all derivatives transactions must be reported in order to be able to locate where the risks can be found in the system
it sets out requirements for central counterparties, in order to ensure harmonious standards across the EU
requires central clearing for all standardised derivatives, and
in regards to non-cleared transactions it ensures that there are incentives to manage risk and promote central clearing
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.