AIMA

On 15 September 2010, the European Commission published a proposal for a Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories, now commonly referred to as the European Markets Infrastructure Regulation or 'EMIR'. In EMIR, the European Commission has proposed that:

• all OTC derivative contracts considered ‘eligible’, entered into between any financial and certain non-financial counterparties (subject to conditions), will be required to be cleared by a CCP;

• all OTC derivative contracts not considered ‘eligible’ shall be subject to risk mitigation requirements, including the exchange of collateral or a proportionate holding of capital;

• counterparties to an OTC derivatives trade (cleared or not) shall report details of that trade to a trade repository;

• CCPs shall be subject to registration and prudential and conduct of business regulation; and

• trade repositories shall be subject to conduct of business regulation.

Key legislative documents

European Parliament’s (EP’s) position to the Council - Outcome of the EP's first reading (April 2012)

Polish Presidency proposed amendments to the proposal for a regulation on OTC derivatives, central counterparties and trade repositories (September 2011)

European Parliament Report on the proposal for a regulation on OTC derivatives, central counterparties and trade repositories (June 2011)

European Commission Proposal for a Regulation on OTC derivatives, central counterparties and trade repositories (September 2010)

Relevant consultations

EBA Discussion Paper on Draft Regulatory Technical Standards on the capital requirements for CCPs under the Regulation on OTC derivatives, CCPs and Trade Repositories (March 2012)

Joint Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories (March 2012)

ESMA Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories (February 2012)

CESR consultation on Standardisation and exchange trading, and transaction reporting of OTC Derivatives (July 2010)

European Commission consultation on Derivatives and Market Infrastructures (June 2010)

AIMA documents

Response to Joint Discussion Paper - Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories (April 2012)

Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories (March 2012)

Update Note - EMIR (February 2012)

Summary of ESMA's discussion paper on Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories (February 2012)

Letter to ESMA re consultation with the industry regarding delegated and implementing acts under EMIR (December 2011)

EMIR Update Note (October 2011)

Letter to Polish Presidency re: European Market Infrastructure Regulation (EMIR) – corporate governance issues (August 2011)

EMIR Update Note (6 July 2011)

EMIR Update Note (4 July 2011)

Position Paper (December 2010)

Summary of EC EMIR proposal (September 2010)

AIMA response to CESR on Standardisation and exchange trading, and transaction reporting of OTC Derivatives (August 2010)

AIMA response to EC consultation on Derivatives and Market Infrastructures (July 2010)

Summary of EC consultation on Derivatives and Market Infrastructures (June 2010)