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WHAT IS EMIR?
Regulation (EU) of the European Parliament and of the Council No. 648/2012 on OTC derivatives, central counterparties and trade repositories („EMIR“) and other related regulations of the Commission (EU). It deals with regulation of derivatives with an impact on financial institutions and their clients (private individuals and legal entities), particularly in EU member countries.
More information about EMIR
AREAS OF EMIR
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Areas of EMIR
EMIR imposes new obligations to financial institutions and their clients.
Obligations of financial institutions
- reporting transactions with derivatives to trade repositories;
- application of new risk management rules in respect of OTC derivatives not cleared via the central counterparty;
- clearing of trades with derivatives where clearing is mandatory via the central counterparty, regardless of the traded derivative volume;
- reconciliation and confirmation of trades with derivatives in accordance with EMIR rules;
Obligations of non-financial institutions (clients)
- reporting transactions with derivatives to trade repositories;
- application of new risk management rules in respect of OTC derivatives not cleared via the central counterparty;
- monitor the total value of concluded OTC derivative contracts and, if above the threshold (EUR 1-3 billion depending on OTC derivative type), inform the CNB and ESMA;
- learing of trades with derivatives where clearing is mandatory via the central counterparty if above the threshold;
- reconciliation and confirmation of trades with derivatives in accordance with EMIR rules;