Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on over-the-counter derivatives (“OTC Derivatives”), central counterparties (“CCPs”) and trade repositories (“EMIR”) entered into force on 16 August 2012.

On 27 September 2012, the European Securities and Markets Authority (“ESMA”) issued its final technical standards (the “Final Report”) on EMIR. The Final Report sets out ESMA’s recommendations concerning EMIR and its implementation.

The Final Report was adopted by the European Commission on 19 December 2012 and entered into force on 15 March 2013.

ESMA has now issued a Questions and Answers paper (the “Q&A Paper”) aimed at competent authorities, to ensure the consistent application of EMIR, and to investors in a bid to provide clarity on the requirements under EMIR.

The Q&A Paper will be reviewed periodically to determine if it is necessary to issue additional ESMA guidelines or recommendations.

The Q&A Paper is divided into sections concerning OTC Derivatives, CCPs and trade repositories.

For a link to the Q&A Paper please click here.