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
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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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.