Background to EMIR Reform
On 4 May 2017, the European Commission (the "Commission") published its proposal to amend the European Market Infrastructure Regulation ("EMIR"). As readers will be aware, EMIR is the centrepiece of the legislation introduced in the aftermath of the financial crisis and was introduced with ambition of making financial markets safer and more stable. In particular, EMIR seeks to reduce risks to the financial system arising from the entering into of derivatives transactions. EMIR aims to achieve its stated objectives by increasing the transparency of the over-the-counter (OTC) derivatives market and also to mitigate counterparty credit risk and
reduce the operational risk associated with OTC derivatives.
To view the article in full click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.