Legislation

Some of the legislation which is relevant to the regulation of EMIR is listed below, specifically those which may impact counterparties to derivative contracts.

Where the links provided are to http://eur-lex.europa.eu/, users should note the disclaimer on the EUR-Lex website. The following list is not exhaustive and is intended to serve as a general guide only.

Level 1

REGULATION (EU) No 648/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR)

Level 2

Regulatory Technical Standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives contracts not cleared by a CCP. Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012.

Financial Counterparties (FCs) and Non-Financial Counterparties (NFCs) reporting requirements to Trade Repositories (TRs)

Regulatory Technical Standards regarding the minimum details of the data to be reported to TRs. Commission Delegated Regulation (EU) No 148/2013 of 19 December 2012 and Commission Delegated Regulation (EU) 2017/104 OF 19 October 2016 amending Delegated Regulation (EU) No 148/2013.
Implementing Technical Standards regarding the format and frequency of trade reports to TRs. Commission Implementing Regulation (EU) No 1247/2012 of 19 December 2012 and Commission Implementing Regulation (EU) 2017/105 OF 19 October 2016 amending Implementing Regulation (EU) No 1247/2012.

FCs and NFC+s central requirements and bilateral exchange of margin requirements

Regulatory Technical Standards mandating the central clearing of OTC G4 Interest Rate Swaps (IRS) Commission Delegated Regulation (EU) 2015/2205 of 6 August 2015
Regulatory Technical Standards mandating the central clearing of certain OTC index based Credit Default Swaps Commission Delegated Regulation (EU) 2016/592 of 1 March 2016
Regulatory Technical Standards mandating the central clearing of OTC Non-G4 IRS Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016
A Corrigendum to Commission Delegated Regulation (EU) 2016/1178 of 10 June 2016 has also been published.
Regulatory Technical Standards on the bilateral exchange of margin for non-centrally cleared Over the Counter derivatives Commission Delegated Regulation (EU) 2016/2251 of 4 October 2016.

Level 3

Read the relevant papers in full on ESMA.europa.eu.

ESMA Questions and Answers, regarding the implementation of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR), updated 2 February 2017.
European Commission, EMIR: Frequently Asked Questions, updated 10 July 2014.
Central Bank Guidance note re unconfirmed trades.

Irish Transposing Legislation

Read the legislation in full on irishstatutebook.ie.