Home › Financial Services & Banking › EMIR

EMIR In force since 4 July 2012

Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories
32012R0648 · official text on EUR-Lex

Articles

• Article 1 — Subject matter and scope
• Article 2 — Definitions
• Article 3 — Intragroup transactions
• Article 4 — Clearing obligation
• Article 5 — Clearing obligation procedure
• Article 6 — Public register
• Article 7 — Access to a CCP
• Article 8 — Access to a trading venue
• Article 9 — Reporting obligation
• Article 10 — Non-financial counterparties
• Article 11 — Risk-mitigation techniques for OTC derivative contracts not cleared by a CCP
• Article 12 — Penalties
• Article 13 — Mechanism to avoid duplicative or conflicting rules

Chapter 1 Conditions and procedures for the authorisation of a CCP

• Article 14 — Authorisation of a CCP
• Article 15 — Extension of activities and services
• Article 16 — Capital requirements
• Article 17 — Procedure for granting and refusing authorisation
• Article 18 — College
• Article 19 — Opinion of the college
• Article 20 — Withdrawal of authorisation
• Article 21 — Review and evaluation

Chapter 2 Supervision and oversight of CCPs

• Article 22 — Competent authority

Chapter 3 Cooperation

• Article 23 — Cooperation between authorities
• Article 24 — Emergency situations

Chapter 4 Relations with third countries

• Article 25 — Recognition of a third-country CCP

Chapter 1 Organisational requirements

• Article 26 — General provisions
• Article 27 — Senior management and the board
• Article 28 — Risk committee
• Article 29 — Record keeping
• Article 30 — Shareholders and members with qualifying holdings
• Article 31 — Information to competent authorities
• Article 32 — Assessment
• Article 33 — Conflicts of interest
• Article 34 — Business continuity
• Article 35 — Outsourcing

Chapter 2 Conduct of business rules

• Article 36 — General provisions
• Article 37 — Participation requirements
• Article 38 — Transparency
• Article 39 — Segregation and portability

Chapter 3 Prudential requirements

• Article 40 — Exposure management
• Article 41 — Margin requirements
• Article 42 — Default fund
• Article 43 — Other financial resources
• Article 44 — Liquidity risk controls
• Article 45 — Default waterfall
• Article 46 — Collateral requirements
• Article 47 — Investment policy
• Article 48 — Default procedures
• Article 49 — Review of models, stress testing and back testing
• Article 50 — Settlement
• Article 51 — Interoperability arrangements
• Article 52 — Risk management
• Article 53 — Provision of margins among CCPs
• Article 54 — Approval of interoperability arrangements

Chapter 1 Conditions and procedures for registration of a trade repository

• Article 55 — Registration of a trade repository
• Article 56 — Application for registration
• Article 57 — Notification of and consultation with competent authorities prior to registration
• Article 58 — Examination of the application
• Article 59 — Notification of ESMA decisions relating to registration
• Article 60 — Exercise of the powers referred to in Articles 61 to 63
• Article 61 — Request for information
• Article 62 — General investigations
• Article 63 — On-site inspections
• Article 64 — Procedural rules for taking supervisory measures and imposing fines
• Article 65 — Fines
• Article 66 — Periodic penalty payments
• Article 67 — Hearing of the persons concerned
• Article 68 — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
• Article 69 — Review by the Court of Justice
• Article 70 — Amendments to Annex II
• Article 71 — Withdrawal of registration
• Article 72 — Supervisory fees
• Article 73 — Supervisory measures by ESMA
• Article 74 — Delegation of tasks by ESMA to competent authorities

Chapter 2 Relations with third countries

• Article 75 — Equivalence and international agreements
• Article 76 — Cooperation arrangements
• Article 77 — Recognition of trade repositories
• Article 78 — General requirements
• Article 79 — Operational reliability
• Article 80 — Safeguarding and recording
• Article 81 — Transparency and data availability
• Article 82 — Exercise of the delegation
• Article 83 — Professional secrecy
• Article 84 — Exchange of information
• Article 85 — Reports and review
• Article 86 — Committee procedure
• Article 87 — Amendment to Directive 98/26/EC
• Article 88 — Websites
• Article 89 — Transitional provisions
• Article 90 — Staff and resources of ESMA
• Article 91 — Entry into force