ABSTRACT
The European Market Infrastructure Regulation ("EMIR")
is the European Union's ("EU") attempt to tame the
over-the-counter ("OTC") derivatives market and is
perhaps the greatest imposition of financial regulation in the
EU's history. EMIR forms part of a global effort to regulate
the OTC derivatives market in the wake of the 2008 financial
crisis. The purpose of EMIR is—in broad terms—to impose
clearing, reporting and risk mitigation obligations in respect of
OTC derivatives transactions on a broad range of market
participants, with the intention of reducing systemic risk and
increasing market transparency. EMIR will affect not only financial
institutions that are accustomed to financial services regulation
but will also have far reaching consequences for corporations and
other trading entities doing OTC business in (or into) the
EU.
This White Paper sets out the requirements of EMIR's clearing,
reporting and risk mitigation obligations and how these will apply
to the various market participants who are caught by EMIR. Those
market participants who assess how EMIR applies to them and
determine the most effective means of compliance will have the
advantage of a seamless transition to the new regulatory landscape
when EMIR enters fully into force. The White Paper is designed to
help Jones Day's clients and friends gain a greater
understanding of the OTC derivatives market and EMIR's
obligations.
Click here to download and read the
complete white paper.
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.
