Legal Framework

Current section provides information about the main legal framework that establishes the requirements under EMIR. Please note that this is not an exhaustive list. The full list with all of the legislative acts and proposals is available here.

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, also known as EMIR, is the main legislative act that sets out the legal framework regarding EMIR reporting. The English version of the Regulation 648/2012 is available here.  The German version of the Verordnung 648/2012 is available here. All other versions are available from this link.

Trade reporting requirements

Commission Delegated Regulation No 148/2013 of 19 December 2012 regarding technical standards on the minimum details of the data to be reported to the trade repositories.

Commission Implementing Regulation No 1247/2012 regarding the format and the frequency of trade reports to the trade repositories.

Commission Delegated Regulation No 151/2013 regarding technical standards specifying the data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data.

Revised RTS – Commission Delegated Regulation (EU) 2017/104 amending Delegated Regulation No 148/2013, applicable from 1 November 2017.

Revised ITS – Commission Implementing Regulation (EU) 2017/105 amending Implementing Regulation No 1247/2012, applicable from 1 November 2017.

Revised ITS – Commission Implementing Regulation (EU) 2019/363 applicable from 11 April 2019.

Revised RTS – Commission Delegated Regulation (EU) 2022/1855 applicable from 29 April 2024.

Revised ITS – Commission Implementing Regulation (EU) 2022/1860 applicable from 29 April 2024.

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.

OTC derivatives and clearing obligation

Commission Delegated Regulation No 149/2013 regarding 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 (central counterparty).

Commission Delegated Regulation No 285/2014 regarding technical standards on direct, substantial and foreseeable effect on contracts within the Union and to prevent the evasion of rules and obligations.