On 21 May 2014, the European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As on the application of the European Market Infrastructure Regulation. The purpose of the Q&As is to help harmonization across the EU and to provide guidance to market participants. The latest updated Q&As include information on the applicability of the provisions of EMIR to alternative investment funds (“AIFs”) and non-EU central banks as well as risk committee and prudential requirements for CCPs.

The Q&As are available at: http://www.esma.europa.eu/news/ESMA-publishes- 8th-updated-QA-EMIR-implementation?t=326&o=home.