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
- 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 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
- 14 February 2014, ESMA letter to the Commission
- 20 March 2014, Commission’s response to ESMA (dated 26 February 2014)
- Friday 11 April, Commission consultation on the treatment of FX financial instruments
- 23 July 2014, Commission letter to ESMA regarding the definition of a financial instrument relating to foreign currency (FX contract).
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
- 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, we conduct 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, 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’.