EMIR library

To help firms understand their requirements, explore our links to useful information on EU EMIR legislation and UK EMIR legislation. This is not intended to be a comprehensive list of relevant information and is not a substitute for firms’ own research.

Brexit and the transition period

The UK has left the EU. It has now entered a transition period which is due to operate until 31 December 2020. During the transition period, EU law will continue to apply in the UK.

UK statutory instruments

The following four statutory instruments make changes to onshore EMIR. These will be brought into UK law at the end of the transition period by operation of the EUWA:

Onshoring of technical standards

EU technical standards operative during the transition period will be brought into UK law at the end of the transition period by operation of the EUWA. The exit instruments made by the FCA which make changes to bring the standards into UK law are listed below. Other exit instruments relating to EMIR technical standards have been made by the Bank of England and PRA.

The Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019 makes changes to onshore the following technical standards:

  • Commission Implementing Regulation (EU) 1248/2012 of 19 December 2012 laying down implementing technical standards with regard to the format of applications for registration of trade repositories according to Regulation (EU) 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories.

The Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 2) Instrument 2019 makes changes to onshore the following technical standards:

  • Commission Delegated Regulation (EU) No 148/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards on the minimum details of the data to be reported to trade repositories; and
  • Commission Delegated Regulation (EU) No 149/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to 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.

The Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 3) Instrument 2019 makes changes to onshore the following technical standards:

  • Commission Delegated Regulation (EU) 150/2013 of 19 December 2012 supplementing Regulation (EU) 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories with regard to regulatory technical standards specifying the details of the application for registration as a trade repository; and
  • Commission Delegated Regulation (EU) 151/2013 of 19 December 2012 supplementing Regulation (EU) 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories, with regard to regulatory technical standards specifying the data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data.

The Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 4) Instrument 2019 makes changes to onshore the following technical standards:

  • Commission Implementing Regulation (EU) No 1247/2012 of 19 December 2012 laying down implementing technical standards with regard to the format and frequency of trade reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories;

EU legislation and other documents

As stated in the introduction, during the transition period the below referenced EU law will continue to apply in the UK. This includes the Domestic legislation and FCA Handbook Instruments referenced below.

Find links to:

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

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

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.

Regulatory technical standards on contracts, between two non-EU entities, with a direct, substantial and foreseeable effect within the EU and to prevent evasion of rules and obligations.

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 in Financial Instruments Directive (MiFID – 2014/65/EU).

For more information on derivatives that are within scope of MiFID, please see PERG 13.4 Q30-34.

In particular, PERG 13.4, Q31B, refers to the types of foreign exchange contracts that are excluded from the MiFID derivative definition, and these are explained further in Q 31C – 31S.

PERG 13.4 Q 32 – 33C then provides guidance on commodity derivatives within the scope of the MiFID definition. PERG 13.4 Q 34 gives guidance on the miscellaneous category of MiFID derivatives.

FCA EMIR presentations

EMIR implementation reviews

In accordance with our statement of EMIR supervisory priorities, we conducted 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 2016, 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 2 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’.

Page updates

29/08/2019: Link changed Updated EU Commission FAQs link