The Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties (CCPs) and trade repositories (TRs) (EMIR) entered into force on 16 August 2012.
However, many provisions only apply after the entry into force of supplementing technical standards.
EMIR entails that:
- all derivative trading must be reported to a trade repository
- generally all standardised OTC-derivative trades must be cleared through a central counterparty
- all non-cleared OTC derivative trades are subject to particular risk management and risk mitigation techniques.
In the regulation distinction is made between financial counterparties and non-financial counterparties:
- ”Financial counterparties” denotes the class of firms covered by ”Lov om finansielle virksomheder”
- Non-financial counterparties” denotes any firm not classified as a ”Financial counterparty”