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Although the EU regulation on OTC derivatives, central
counterparties and trade repositories (EMIR) took effect on 16
August 2012, many further rules – including clearing and
reporting requirements - will not come into force until the
Commission has adopted these. The Commission approved three
implementing technical standards and six regulatory technical
standards in December 2012. The implementing technical standards
have been published in the Official Journal and took effect on 10
January 2013. The regulatory technical standards are subject to a
scrutiny period by the European Parliament and the Council, which
ends on 19 February.
On its website, the Commission answers frequently asked
questions about the EMIR and its implementation. And the AFM has
published a brochure about the consequences of European derivatives
legislation and has explained in which situations non-financial
parties have to meet EMIR requirements.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
