European Market Infrastructure Regulation (EMIR) Overview

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories entered in force on 16 August 2012. The most important aim of the European Markets Infrastructure Regulation (EMIR) is to increase the transparency of the over the counter (OTC) derivatives market. Another objective is to reduce the number of the counterparties involved and reduce the operational risk for market participants.

On 29 April 2024 EMIR REFIT, i.e. regulatory technical standards (RTS) and implementing technical standards (ITS) will apply. Some of the key changes cover: ISO 20022 XML message standard for submissions to EU TRs and responses from EU TRs; Unique Product Identifier (UPI); Unique Trade Identifier (UTI) generation in line with the global UTI guidance; increase of the number of reportable fields to 203; notifications to the relevant competent authority in case of any misreporting, significant issues, etc.

On 20 Dec 2022 ESMA has published the final report on Guidelines accompanied by the validation rules and the reporting instructions (here and here), i.e. XML schemas. The validation rules document sets out detailed technical rules on how the TRs should verify the completeness and accuracy of the reported data as well as the conditions and thresholds to be applied to determine whether the values reported by both counterparties match or not. Finally, the Validation rules document contains also a template for notifications of reporting errors and omissions to the NCAs.

Reporting obligation

(under Art. 9 of EMIR)

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Clearing obligation

(under Art. 4 of EMIR)

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(non-cleared OTC derivatives)

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