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…

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