EMIR Regulation  

If, in the course of your business as an undertaking established in the European Union, you enter into derivative transactions you should be aware of your obligations under the European Market Infrastructure Regulation ("EMIR").

What is EMIR? 

Regulation 648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (“EMIR”) implements increased transparency in respect of derivatives by imposing requirements concerning 

  • reporting of all derivative contracts (including exchange traded derivatives) to Trade Repositories (TRs)
  • clearing those OTC derivatives subject to the mandatory clearing obligation  
  • risk mitigation techniques for non–centrally cleared derivatives, and 
  • setting out requirements for both Central Counterparties (CCPs) and TRs

The Central Bank was designated national competent authority ("NCA") for EMIR in the State by Statutory Instrument No. 443 of 2014. 

EMIR applies not only to Financial Counterparties ("FCs") as regulated entities, but it also extends the supervisory remit of the Central Bank to Non-Financial Counterparties ("NFCs"), the vast majority of which have not had any previous interaction with the Central Bank.

In order to fulfil our obligations as national competent authority, we have set up an EMIR Unit to ensure that we are operationally prepared for the implementation of EMIR. The supervision of EMIR compliance for existing regulated counterparties will be conducted by the sectoral supervisory areas and the EMIR Unit will supervise NFCs which are not subject to other Financial Regulations. 

If you have a query in relation to EMIR please consult the Questions and Answers as well as those already published by ESMA and the European Commission.  If your question is not covered please contact [email protected]