On 19 December 2012, the European Commission adopted nine regulatory (“RTS”) and implementing technical standards (“ITS”) under EMIR. They were developed by the European Supervisory Authorities and have been endorsed by the European Commission without modification.
The RTS and ITS will enter into force twenty days following publication in the Official Journal of the EU and, as with any other EU Regulation, will be directly applicable in all Member States from the date of entry into force.
At a high level, the RTS and ITS specify:
- The provisions of EMIR related to indirect clearing arrangements, the clearing obligation procedure, the public register, access to a trading venue, non-financial counterparties, and risk mitigation techniques for OTC derivatives not cleared by a CCP
- The provisions of EMIR related to the requirements for CCPs, as well as the capital, retained earnings and reserves of a CCP. The ITS specify the format of the records to be maintained by CCPs
- The minimum details of the data to be reported to trade repositories, the details of the application for registration as a trade repository, as well as the data to be published and made available by trade repositories and operational standards for aggregating, comparing and accessing the data. The ITS specify the format and frequency of trade reports and the format of applications for registration of trade repositories