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Financial services - regulation - derivatives - European Union (EU) - UK - retained EU law.

EMIR is an abbreviation for the European Market Infrastructure Regulation.

EMIR is designed to improve transparency and reduce risks associated with the derivatives market.

UK EMIR is the derivatives market regime for the UK.

It is overseen and enforced by the UK's Financial Conduct Authority.

Reporting & risk mitigation for derivatives
"UK EMIR imposes requirements on all types and sizes of entities that enter into any form of derivative contract, including those not involved in financial services.
UK EMIR requires entities that enter into derivative contracts, including interest rate, foreign exchange, equity, credit, commodity and emission derivatives, to:
  1. Report details of derivative contracts to an FCA registered, or recognised, trade repository.
  2. Clear, via a central counterparty (CCP), those over-the-counter (OTC) derivatives subject to a mandatory clearing obligation.
  3. Implement risk mitigation techniques, including operational processes and margining, for bilateral OTC derivatives that are not cleared by a CCP."
UK EMIR - Financial Conduct Authority

UK EMIR is UK domestic regulation and law comprising:

  1. The original EU-wide EMIR regime as it became retained EU law at the end of December 2020, together with
  2. Subseqeuent amendments made from time to time in the UK.

Onshoring EMIR to the UK
"The European Market Infrastructure Regulation (EMIR) has been onshored into UK legislation via a number of statutory instruments (SIs) and Binding Technical Standards (BTS).
A list of UK EMIR onshoring legislation can be found on the UK EMIR library page...
The onshored UK EMIR REFIT also brings into UK legislation amendments to UK EMIR that make the regime more proportionate for certain firms."
UK EMIR - Financial Conduct Authority

See also

External link