What is the difference between EMIR and ESMA?

The European Securities and Markets Authority (ESMA) applies mandatory clearing obligations for specific OTC derivative contracts if a contract has been assigned a central counterparty under EMIR. The obligations require that over-the-counter derivatives trades are cleared through central counterparties.

What are the EMIR reporting requirements?

Who has an EMIR reporting obligation? EMIR requires all counterparties and CCPs to report details of any derivative contract (with the underlying asset classes – interest rate, FX, credit, equities and commodities) they have concluded and of any modification or termination to TRs.

When did EMIR reporting go live?

Go-live – UnaVista Trade Repository EMIR RTS system went live on 30 October 2017 .

When was EMIR implemented?

August 2012
An Overview of the European Market Infrastructure Regulation (EMIR) Implemented in August 2012, the European Market Infrastructure Regulation (EMIR) was created to stabilize over-the-counter (OTC) markets within EU member states.

Does EMIR apply to individuals?

EMIR requirements apply both to financial and non-financial counterparties. Requirements of EMIR do not apply to private individuals and certain government institutions.

Are central banks exempt from EMIR?

According to Article 1(4) of EMIR, the Union’s central banks and Union public bodies charged with or intervening in the management of the public debt are exempted from EMIR and are therefore not subject to these obligations.

What is reportable under EMIR?

EMIR mandates reporting of all derivatives to Trade Repositories (TRs). TRs centrally collect and maintain the records of all derivative contracts. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability.

What is clearing under EMIR?

EMIR includes the obligation to centrally clear certain classes of over-the-counter (OTC) derivative contracts through Central Counterparty Clearing (CCPs). For non-centrally cleared OTC derivative contracts, EMIR establishes risk mitigation techniques.

Does EMIR apply to non EU entities?

Although EMIR directly applies to entities established in the EU only, it will apply indirectly to any non-EU entities entering into OTC derivatives with EU counterparties; EU entities have to comply with the EMIR obligations on any OTC derivatives transaction they enter into, whether the counterparty is an EU or non- …

Does EMIR apply to UK?

This note provides an overview of the retained EU law version of EMIR (648/2012) (the Regulation on OTC derivative transactions, central counterparties and trade repositories) (UK EMIR), that has applied in the UK from the end of the Brexit transition period.

Does EMIR apply to non-EU entities?

Is FX spot reportable under EMIR?

Implications: ➢ EMIR: fx spot are not subject to EMIR obligations (reporting, clearing, margin, portofolio reconcilation, daily valuation, etc.) ➢ MIFID: fx forwards are considered financial instruments, not fx spot.

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