EMIR library and implementation reviews

To help firms understand their requirements, explore our links to useful information on EMIR, including our EMIR implementation reviews.

EU legislation and other documents

Find links to:

  • EU EMIR Regulation and all supporting regulatory and Implementing Technical Standards on OTC Derivatives
  • reporting to Trade Repositories
  • requirements for Trade Repositories and Central Counterparties 

We also provide links to other useful EU documents and relevant international documents, such as the ESMA Q&As, the EMIR Regulation, the European Regulation setting out the legislative framework and standards for regulating OTC derivatives, central counterparties and trade repositories.

Supporting regulatory and implementing technical standards

OTC derivatives

Reporting to trade repositories

Requirements for trade repositories

Requirements for central counterparties​​

List of exempted entities under article 1(4) of EMIR

Other useful documents

Domestic legislation and FCA Handbook

The legislation and our rules and guidance which support EMIR implementation in the UK. This includes our perimeter guidance on the types of derivative covered by EMIR.

The UK EMIR Statutory Instruments set out the supervision and enforcement of EMIR by UK authorities and how cleared positions, including the transfer of indirect client accounts, are segregated and moved.

Handbook Instruments amending our supervision manual (SUP) and Decision Procedure and Penalties manual (DEPP) to include guidance on notifications and applications to the FCA and our supervisory and enforcement powers under EMIR:

Perimeter guidance on the types of derivative covered by EMIR

The types of derivative covered by EMIR are set out in points (4) to (10) of Section C of Annex I of the Markets and Financial Instruments Directive (MiFID) as implemented by articles 38 and 39 of Regulation 1287/2006. Further guidance is available in FSA Policy Statement 07/05 and the FCA Perimeter Guidance (PERG). In particular, PERG 13.4  provides that the following instruments are outside the scope of MiFID:

  • forward foreign exchange instruments unless caught by scope of the Regulated Activities Order (RAO) (see Q30)
  • a non-deliverable currency forward that is not a ‘future’ for the purposes of the RAO because it is made for commercial purposes (Q30) and
  • spot transactions in both foreign exchange and commodities

For more information on commodity derivatives that are within scope of MiFID, see PERG 13.4 Q32-34.
 

Classification of FX financial instruments as derivatives

Hybrid systems trading physically settled gas and power forwards

FCA statement clarifying that physically settled gas and power forwards traded on multilateral trading facilities (MTFs) are ‘financial instruments’ for the purposes of MiFID and ‘OTC derivatives’ or ‘OTC derivative contracts’ for the purposes of EMIR. 

FCA EMIR presentations

EMIR implementation reviews

In accordance with our statement of EMIR supervisory priorities, we conduct a series of implementation reviews.

The findings of our implementation reviews are in the factsheets below:

EMIR related Memorandum of Understanding (MoU)

On Thursday 6 October, Andrew Bailey, Chief Executive of the FCA and Timothy Massad, the Chairman of the Commodities and Futures Trading Commission (CFTC), met in Washington to sign a Memorandum of Understanding (MoU) between the two organisations.

The MoU covers the FCA and CFTC's cooperation and exchange of information in supervising dual regulated firms who trade in certain over the counter (OTC) derivatives or ‘swaps’.