Allen & Overy – News

EMIR: FAQs for Securitisation Vehicles EMIR is the EU Regulation on OTC derivatives, central counterparties and trade repositories (Regulation (EU) No 648/2012). Amongst other things, it sets new rules for mandatory central counterparty clearing in respec

EMIR is the EU Regulation on OTC derivatives, central counterparties and trade repositories (Regulation (EU) No 648/2012). Amongst other things, it sets new rules for mandatory central counterparty clearing in respect of certain standardised OTC derivative contracts, risk mitigation requirements in relation to transactions which are not centrally cleared and general reporting obligations for counterparties.

EMIR entered into force on 16 August 2012 and is directly applicable in all EU member states, although the majority of the obligations under it take effect when the corresponding technical standards become effective (which is expected to occur over the course of 2013 for the most part). The technical standards on the mandatory clearing requirements and other requirements described above remain under consideration by the EU authorities and have not yet been finalised.