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.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Securities and Investments Commission (ASIC) has announced that its new $43.7m next-generation market surveillance system has become operational.
In this briefing, DLA Piper sets out a summary of key items of interest announced by the chancellor in the UK Autumn Statement.
Analysis from The Lawyer
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies
Our list of the summer’s big deals shows how London law firms kept busy with work from Asia as well as more familiar sources