Alternative Investment Management Association
On 27 July 2012, Regulation (EU) No. 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR Level 1) was published in the Official Journal. It entered into force on 16 August 2012.
EMIR Level 1 seeks to fulfil the EU's G20 mandate for the regulation of derivatives contracts and provides for:
Following two public consultations, ESMA published its final EMIR Level 2 draft technical standards and guidance on delegated acts on 27 September 2012. The European Commission adopted its final implementing and regulatory technical standards on 19 December 2012.
Implementing technical standards were published in the Official Journal immediately following their adoption by the European Commission on 21 December 2012 and entered into force twenty days later on 10 January 2013. The related regulatory technical standards were published in the official journal on 23 February 2013 and entered into force on 15 March 2013.
On 20 December 2012, ESMA published its first Level 3 consultation paper, 'Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements', to help clarify the obligations for national regulators as to how to assess existing or new interoperability arrangements between CCPs. AIMA submitted a response on 31 January 2013.
Regulatory Technical Standards
Delegated Regulation (EU) No.149/2013 Regulatory technical standards on indirect clearing arrangements, the clearing obligation, the public register, access to a trading venue, non-financial counterparties, risk mitigation techniques for OTC derivatives contracts not cleared by a CCP (February 2013)
Delegated Regulation (EU) No.151/2013 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 (February 2013)
Implementing Technical Standards
European Commission FAQs on EMIR (February 2013)
ESMA Q&A on EMIR (March 2013)
AIMA-MFA Joint Letter to ESMA on EMIR FAQs (March 2013)
Update Note - EMIR (February 2012)
EMIR Update Note (October 2011)
EMIR Update Note (6 July 2011)
EMIR Update Note (4 July 2011)
Position Paper (December 2010)