EMIR 2 EUR Lex 648 2012

EMIR Regulation 648/2012 EU OTC derivatives.

Definition

EMIR has three pillars: (1) clearing obligation via authorised CCP for IRS, CDS index, (2) risk mitigation for non-cleared (timely confirmation, portfolio reconciliation, portfolio compression, dispute resolution, initial margin + variation margin), (3) both-sides trade reporting to TR (T+1). Amendments: EMIR REFIT 2019, EMIR Refit reporting 2022, EMIR 3.0 2024 (Active Account Requirement).

Origin

European Parliament + Council, Regulation (EU) 648/2012 published 4 July 2012, applicable 16 August 2012.

Usage

All EU FCs (Financial Counterparties) and NFCs (Non-Financial Counterparties) entering into OTC derivatives.

Related terms

• EMIR Refit — révision reporting 2024.
• EMIR 3.0 — révision 2024.
• CCP — central counterparty.