Find out more about the European Market Infrastructure Regulation on derivatives, central counterparties and trade repositories (EMIR), which imposes requirements to improve transparency and reduce the risks associated with the derivatives market.
EMIR imposes requirements on all types and sizes of entities that enter into any form of derivative contract, including those not involved in financial services. It applies indirectly to non-EU firms trading with EU firms. EMIR also establishes common organisational, conduct of business and prudential standards for central counterparties (CCPs) and trade repositories.
EMIR requires entities that enter into any form of derivative contract, including interest rate, foreign exchange, equity, credit and commodity derivatives, to:
- report every derivative contract that they enter into to a trade repository
- implement new risk management standards, including operational processes and margining, for all bilateral over-the-counter (OTC) derivatives, ie trades that are not cleared by a CCP
- clear, via a CCP, those OTC derivatives subject to a mandatory clearing obligation
High-level implementation timetable (reverse order)
|1 Sept 2016 - 1 Sept 2020||Initial margining requirements for non-centrally cleared trades will apply from 1 September 2016 for the largest institutions. This will be followed by an annual phase in such that all other institutions that are within scope above a minimum threshold will be subject to initial margin from 1 September 2020.|
|1 Mar 2017||Variation margining requirements for non-centrally cleared trades will apply for all other institutions that are within scope.|
|1 Sept 2016||Variation margining requirements for non-centrally cleared trades will apply for the largest institutions.|
|11 Aug 2014||Financial counterparties/NFC+s are required to provide daily reports on mark-to-market valuations of positions and on collateral value.|
|10 Apr 2014||The technical standards on the cross-border application of EMIR came into effect. Article 2 however (which sets out which contracts have a direct, substantial and foreseeable effect within the EU) applied from 10 October 2014.|
|18 Mar 2014||The first CCP was authorised under EMIR.|
|12 Feb 2014||Details of all classes of derivative contract (both OTC and ETD) are required be reported to recognised trade repositories.|
|15 Sep 2013||Risk management of non-cleared OTC derivatives through portfolio reconciliation, dispute resolution and trade compression will apply.|
|15 Mar 2013||
All legal and contractual terms of non-centrally cleared OTC derivative contracts must be confirmed between counterparties within specified timelines.
Non-financial counterparties exceeding the clearing threshold are required to notify the FCA.
The technical standards on OTC Derivatives, Reporting to Trade Repositories and Requirements for Trade Repositories and Central Counterparties entered into force.
|16 Aug 2012||EMIR entered into force, but most provisions only apply after technical standards enter into force.|
Implementation dates are subject to change depending on the progress of EU implementation.
Register for email updates from the FCA
You can register to receive email updates on EMIR from us. These include:
- information on the implementation timetable
- alerts when new documents or further guidance are published, and
- further details about the process for apply for making notifications and applying for exemptions in the UK
To register to receive updates, email your name and contact details (including email address) to email@example.com.
Unsubscribe at any time by emailing ‘unsubscribe’ and your name and email address to the same address.
Latest EMIR news
See EMIR news for all updates in full.
19 September 2016
Bank of England authorises ICE Clear Europe Limited as a Central Counterparty under EMIR
On 19 September 2016, the Bank of England updated its list of UK authorised central counterparties (CCPs) to include the authorisation of ICE Clear Europe Limited. ESMA also added ICE Clear Europe Ltd to its list of authorised CCPs under the European Markets Infrastructure Regulation (EMIR).
EMIR requires CCPs to be authorised by a college of supervisors in order to offer CCP services in the European Union. Once a CCP has been authorised or recognised within the EU, EU firms can use these CCPs to fulfil their clearing obligations (the public register for the clearing obligations under EMIR is available on ESMA's website).
|9 September 2016||
ESAs reject proposed amendments from the European Commission to technical standards on non-centrally cleared OTC derivatives
On 9 September 2016, the European Supervisory Authorities (EBA, EIOPA and ESMA ("ESAs")), published an Opinion addressed to the European Commission (EC). The Opinion expresses the views of the ESAs on the EC's proposed amendments to the final draft Regulatory Technical Standards ("RTS") on risk mitigation techniques for OTC derivatives not cleared by a central counterparty. The draft RTS were submitted by the ESAs to the EC in March.
In particular, following the Commission's communication on 28 July 2016, expressing its intention to endorse the ESAs' final draft RTS with amendments, the ESAs' Opinion rejects some of the proposed amendments.
The Opinion and accompanying press release can be found on the ESAs' website.