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 derivative contracts, including interest rate, foreign exchange, equity, credit and commodity derivatives, to:

  • report derivative contracts that they enter into to a trade repository,
  • implement risk management standards, including operational processes and margining, for 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


EMIR has been amended by Regulation (EU) No 2019/834 of the European Parliament and of the Council of 20 May 2019 in the context of the European Commission’s Regulatory Fitness and Performance Programme (REFIT). We use 'EMIR REFIT' to refer to the new text of EMIR as amended. 

EMIR REFIT will come into force on 17 June 2019. Please refer to our EMIR news page for more details on ESMA Q&As and FCA system changes for receiving notifications from firms under EMIR.

Key changes under EMIR REFIT include:

  • Financial counterparties that are considered to be small (small financial counterparties or SFCs) will be exempted from the obligation to clear their transactions through a central counterparty (CCP), while remaining subject to risk mitigation obligations.
  • Non-financial counterparties (NFCs) will be subject to reduced clearing obligations.
  • The temporary exemption from the clearing obligation of Pension Scheme Arrangements (PSAs) will be extended by another two years (further extendable twice by an additional year).
  • The existing reporting obligations will be streamlined, with firms being able to exempt themselves from reporting intragroup transactions when one of the counterparties is a NFC.

Apart from the obligations listed below in the implementation timetable, all provisions of EMIR REFIT including the notifications that firms have to submit to inform us that they are subject to the clearing obligation ('clearing obligation notifications') come into force on 17 June. Please refer to our EMIR News page for more details on draft forms and FCA system changes for receiving notifications from firms under EMIR.

High-level implementation timetable (reverse order)

Date Action
18 June 2021

Clearing members which provide clearing services shall provide those services under fair, reasonable, non-discriminatory and transparent commercial terms.

 A trade repository shall establish policies and procedures for reconciliation of data, completeness and correctness of the data reported, and for the transfer of data to other trade repositories where requested by the counterparties or CCP.

18 June 2020

FCs shall be responsible for reporting details of OTC derivatives contracts on behalf of NFCs that do not exceed the clearing thresholds.  

UCITS management companies and AIFMs shall be responsible for reporting details of the OTC derivatives contracts of those UCITS and AIFs that they manage.

IORP reporting shall be ensured by authorised entity that is responsible for managing and acting on behalf of an IORP.

18 December 2019

CCPs to provide clearing members with a simulation tool allowing them to determine the amount of additional initial margin that the CCP may require upon the clearing of a new transaction; CCPs to provide clearing members with information on the initial margin model it uses.

Member States’ national laws shall not prevent a CCP from acting in accordance with Article 48(5), (6) and (7) of EMIR.

17 June 2019 EMIR REFIT comes into force. This includes the new clearing obligation regime for FCs and NFCs and relevant notifications, new clearing exemptions for SFCs and NFCs above the threshold, streamlined reporting obligations, extension of exemption from clearing for PSAs.
1 Mar 2017 Variation margining requirements for non-centrally cleared trades will apply for all other institutions that are within scope.

4 Feb 2017 - 1 Sept 2020

Initial margining requirements for non-centrally cleared trades will apply from 4 February 2017 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.
4 Feb 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 protected].

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.