Preparing for EMIR and Dodd-Frank: our capabilities
The European Market Infrastructure Regulation “EMIR) has been in force since 16 August 2012, however, in the first few weeks of 2013, the detailed technical rules implementing the regulation were finalised and came into force on 15 March 2013. The practical implications of the regulation in the OTC derivatives space will be considerable for banks and other non-financial market participants.
EMIR created obligations for both financial counterparties and non-financial counterparties. These obligations vary across the three main areas that the regulation will impact on clearing risk mitigation and reporting obligations
Non-financial counterparties (NFCs) to OTC derivatives trades are defined in EMIR as entities established in the EEA other than financial counterparties. This means that any entity that is a counterparty to a derivative is an NFC if it is not an investment firm, credit institution, insurance undertaking, reinsurance undertaking, UCITS fund, institution for occupational retirement provision or alternative investment fund, such as a private equity or hedge fund. This could include large corporates, subject to the clearing thresholds and operation of the intragroup and hedging exemptions described below…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
A well-known British performing artist was granted permission to take his case to the Supreme Court, where he will appeal the Court of Appeal’s decision in OPO v MLA & STL.
The increased focus of national data protection authorities on the processing of personal data through mobile apps was again confirmed in an open letter from a group of data protection authorities.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.