UK EMIR library

Following the end of the transition period, these 8 statutory instruments make changes to onshore into UK law the European Market Infrastructure Regulation (EMIR):

• Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2020
• The Securitisation (Amendment) (EU Exit) Regulations 2019
• The International Accounting Standards and European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2019
• The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No 2) Regulations 2019 and Explanatory Memorandum
• The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 and Explanatory Memorandum
• The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 and Explanatory Memorandum
• The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 and Explanatory Memorandum
• The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

The following technical standards make changes to onshore the EU EMIR Technical Standards:

The Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019 onshores 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 onshores 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 onshores 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 onshores 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

The Technical Standards (Securities Financing Transactions Regulation) (EU Exit) (No 2) Instrument 2020 onshores the amendments to the following technical standards:

• Commission Implementing Regulation (EU) No 1247/2012 with regard to the use of reporting codes in the reporting of derivative contracts 

The Bank of England and Prudential Regulation Authority have also published Technical Standards relating to aspects of UK EMIR where they are the relevant competent authority:

• Bank of England and PRA instruments under UK EMIR

FCA Handbook

Our supervision manual (SUP) and decision procedure and penalties manual (DEPP) include guidance on notifications and applications to us. In addition, new sections under DEPP and the Enforcement Guide (EG) have been included on supervisory and enforcement powers in relation to Trade Repositories (TRs).

Our Handbook also lists the relevant guidance material to be used when implementing UK EMIR requirements.

• FCA Handbook
• Guide to the FCA Handbook for Post-Brexit Transition
• Brexit: our approach to EU non-legislative materials
• FCA Handbook (Level 3 Materials)

UK 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’.

On 25 February 2019, a joint statement was issued by the Bank of England, Prudential Regulation Authority, FCA and the CFTC on continuity of derivatives trading and clearing post-Brexit.

• MoU between FCA/CFTC on cooperation arrangement and exchange of information in supervising dual regulated firms who trade in certain over the counter (OTC) derivatives or ‘swaps’ (October 2016).
• Joint Bank of England/PRA/FCA MoU with CFTC on continuity of derivatives trading and clearing post-Brexit (February 2019).

• Multilateral MoU between FCA and EU and EEA National Competent Authorities (NCAs) covering supervisory cooperation, enforcement and information exchange.
• MoU between FCA and ESMA covering supervision of Credit Rating Agencies and Trade Repositories.

Relevant lists under UK EMIR

• List of Pensions Scheme Arrangements (PSAs) temporarily exempted from the clearing obligation (Onshored Article 89(2))
• List of third country regulated markets (Onshored Article 2a)
• List of FCA registered, or recognised, Trade Repositories
• List of recognised third country central counterparties (CCPs) (Onshored Article 25 – published by Bank of England)
• List of products subject to the clearing obligation (Onshored Article 4 – published by Bank of England)

Other useful links

• Trade repositories webpage
• CCP Webpage (Bank of England)
• Treasury statement on future amendments to UK EMIR (November 2020)