On 21 December 2012, the texts of the European Market Infrastructure Regulation (EMIR) Implementing Regulations were published in the Official Journal of the European Union (OJ): EMIR is the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012).

  • Commission Implementing Regulation (1247/2012) of 19 December 2012 laying down implementing technical standards with regard to the format and frequency of trade reports to trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories.
  • Commission Implementing Regulation (1248/2012) of 19 December 2012 laying down implementing technical standards with regard to the format of applications for registration of trade repositories according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories.
  • Commission Implementing Regulation (1249/2012) of 19 December 2012 laying down implementing technical standards with regard to the format of the records to be maintained by central counterparties according to Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC derivatives, central counterparties and trade repositories.

On 4 July 2012, EMIR was adopted and entered into force on 16 August 2012. This was a major development which enables the European Union to deliver the G20 commitments on OTC derivatives agreed in Pittsburgh in September 2009. The EU Commission issued a Q&A on EMIR.

EMIR ensures that information on all European derivative transactions will be reported to trade repositories and be accessible to supervisory authorities, including ESMA, to give policy makers and supervisors a clear overview of what is going on in the markets.

EMIR also requires standard derivative contracts to be cleared through Central Counterparties (CCPs) as well as margins for uncleared trades and establishes stringent organisational, business conduct and prudential requirements for these CCPs. ESMA was required under EMIR to draft implementing technical standards specifying (among other things) the detail contained in these Implementing Regulations. The Commission adopted these technical standards on 19 December 2012 (together with a number of other technical standards required under EMIR). The Regulations entered into force 20 days after their publication in the OJ.