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.

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