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:
- 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
- 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
- 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
- Regulatory technical standards on the minimum details of the data to be reported to trade repositories.
- Implementing technical standards on the format and frequency of trade reports to trade repositories.
Requirements for trade repositories
- 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.
- Regulatory technical standards on how to apply for registration as a trade repository.
- Implementing technical standards on the format of applications for registration of trade repositories.
- Delegated Regulation specifying the fees to be charged to trade repositories by the European Securities and Markets Authority (ESMA).
Requirements for central counterparties
- Regulatory technical standards for central counterparties
- Regulatory technical standards on capital requirements for central counterparties
- Implementing technical standards regarding the format of the records to be maintained by central counterparties
List of exempted entities under article 1(4) of EMIR
- Delegated Regulation to include the central banks and debt management offices of Japan and the United States in the 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.
- The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
- The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013
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:
- Over-the-counter Derivatives, Central Counterparties and Trade Repositories Instrument 2013
- Over-the-counter Derivatives, Central Counterparties and Trade Repositories (No. 2) Instrument 2014
- Changes to the FCA client assets regime to support EMIR segregation and portability
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
These presentations have not been updated to reflect EMIR REFIT.
- Video: EMIR – Margin for uncleared over the counter derivatives contracts (January 2017)
- Video: EMIR – Intragroup exemptions from the margin requirements under EMIR (January 2017)
- EMIR - The obligation to clear and margin OTC derivative trades (July 2015)
- EMIR - Trade Reporting January Session (January 2014)
- EMIR - Update on new EU rules on derivatives trading (May 2013)
- Introduction to EMIR for Non-financial counterparties (May 2013)
- EMIR - Reporting to Trade repositories (April 2013)
EMIR implementation reviews
In accordance with our statement of EMIR supervisory priorities at the time of EMIR implementation, we conducted a series of implementation reviews.
The findings of our implementation reviews are in the factsheets below:
- Timely confirmation and bilateral risk mitigation requirements implementation review findings
- Implementation review results for the reporting obligation
- Calculation of the clearing threshold, and related requirements for NFCs part of a group of Financial Counterparty entities, implementation review results
- Calculation of the clearing threshold, and related requirements for NFCs in the energy and oil production industry, review results
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’.