The European Market Infrastructure Regulation (EU) No. 648 / 2012, known as “EMIR”, was published in the Official Journal on 27 July 2012. The Regulation came into force on 16 August 2012. Its main provisions are the obligation to clear certain OTC derivative transactions through a central counterparty (CCP) and to report the core content of derivative contracts to a trade repository. Tougher requirements also apply with regard to collateral and risk management for OTC derivative transactions not cleared via a CCP.