Update -

On 19 December 2012 the European Commission adopted nine regulatory and implementing technical standards for the regulation of OTC derivatives, central clearing and trade repositories. These standards were adopted by the Commission without amendment. This marks the next step in the development of European regulatory reform for derivative contracts as the technical standards finalise requirements for mandatory clearing and reporting of transactions. This note highlights key changes that are to be implemented in Europe, many of which are due to come into effect during the course of 2013. For a more detailed review of the background and purpose of the legislation including a summary of the key provisions of EMIR and the Regulatory Technical Standards...

Executive Summary -

EMIR is one of the most important post-financial crisis reforms and will revolutionise the way the OTC derivatives market operates. It introduces far-reaching requirements for market participants with respect to clearing and reporting OTC derivative trades. But there are still a number of questions surrounding the implementation of the legislation.