These Regulations designate the Central Bank as the competent authority in Ireland for the purpose of EU Regulation No 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, and provide the Central Bank with certain powers including the ability to appoint authorised officers or assessors, as well as providing for sanctions, including criminal, for breaches of the EU Regulation. The EU Regulation, also referred to as the European Markets Infrastructure Regulation (EMIR), seeks to make over the counter (OTC) derivative markets safer through increasing transparency, laying down clearing and risk management requirements for OTC contracts and rules in relation to the performance of activities of central counterparties (CCPs) and trade repositories.