EMIR

The European Market Infrastructure Regulation (EMIR) sets out requirements for the clearing of OTC derivatives through authorised central counterparties, collateral exchange and risk mitigation requirements for non-cleared derivatives, and post-trade reporting requirements for all OTC derivatives.

Our expertise

We advise the full range of derivatives market participants on EMIR and its impact on their respective businesses. Given the broad scope of application of EMIR and the diverse population of market participants‎, different clients have different focuses. We have advised:

• our fund clients on the impact of the changes made by the Refit Regulation to the definition of "Financial Counterparty" and to the calculation methodology used to determine counterparty status;
• our investment banking clients on intragroup exemption requirements, transaction reporting issues and the implementation of margin requirements in relation to their collateral documentation;
• our pension fund, asset manager, insurance and reinsurance clients on client clearing arrangements, CCP account options and related risks and the impact of margin requirements;
• our broking clients on the incorporation of EMIR requirements into their terms of business;
• our investment fund and corporate clients on derivatives characterisation issues and counterparty classification, including group based threshold tests;
• our third-country clients on the extraterritorial application of EMIR; and
• a leading clearing house on EMIR requirements as they apply to the services it provides.

Our practice is actively involved in industry working groups on EMIR and we regularly present to our clients on upcoming implementation issues.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to.
Readers should take legal advice before applying it to specific issues or transactions.