The European Market Infrastructure Regulation is a body of European Union legislation, first adopted in 2012, that regulates over the counter derivatives, central counterparties, and trade repositories in order to reduce systemic risk in financial markets. It requires that many standardized derivative contracts be cleared through central counterparties and that derivative transactions be reported to registered trade repositories. EMIR was introduced in response to the 2008 financial crisis as part of a coordinated international effort, alongside similar reforms in the United States, to bring greater transparency and stability to derivatives markets.
Facts
EraSourced to the subject's own accountInitially adopted 2012; amended by the EMIR Refit regulation adopted 2019. 1 Promulgated BySourced to the subject's own accountEuropean Union (European Parliament and Council). 1 Jurisdiction ScopeSourced to the subject's own accountEuropean Union member states. 1 Regulatory DomainSourced to the subject's own accountOver-the-counter derivatives, central counterparties and trade repositories; systemic counterparty and operational risk. 1 Classification
Legal StatusSourced to the subject's own account Legal StatusSourced to the subject's own account Jurisdiction Scope
Jurisdiction Scope (category)Sourced to the subject's own account Era
Era (category)Sourced to the subject's own account21st Century (2000-Present) 1 Connections
Associated With
Both reforms regulate over-the-counter derivatives after the 2008 financial crisis.
EMIR and MiFID II are commonly grouped as pillars of the EU post-2008 financial-crisis regulatory reform package alongside Solvency II
both are EU financial-services single-market regulations administered under ESMA/EBA oversight
In Legal System
European Union regulation, applied across member states whose domestic systems are predominantly civil law.
Source Major Legal Systems in the World TodayRene David and John E.C. Brierley
Sources
1. European Market Infrastructure Regulation (Wikipedia)
WikipediaBody text (era)
The regulation was initially adopted in 2012 and an amended version, the EMIR Refit regulation, was later on adopted in 2019.
Lead paragraph (promulgated-by)
The European Market Infrastructure Regulation (EMIR) is an EU regulation aimed at reducing systemic counterparty and operational risk and thereby preventing future financial system collapses. Its focus is regulation of over-the-counter (OTC) derivatives, central counterparties and trade repositories. It provides steer on reporting of derivative contracts, implementation of risk management standards and common rules for central counterparties and trade repositories.
Lead paragraph (jurisdiction-scope)
The European Market Infrastructure Regulation (EMIR) is an EU regulation aimed at reducing systemic counterparty and operational risk and thereby preventing future financial system collapses. Its focus is regulation of over-the-counter (OTC) derivatives, central counterparties and trade repositories. It provides steer on reporting of derivative contracts, implementation of risk management standards and common rules for central counterparties and trade repositories.
Lead paragraph (regulatory-domain)
The European Market Infrastructure Regulation (EMIR) is an EU regulation aimed at reducing systemic counterparty and operational risk and thereby preventing future financial system collapses. Its focus is regulation of over-the-counter (OTC) derivatives, central counterparties and trade repositories. It provides steer on reporting of derivative contracts, implementation of risk management standards and common rules for central counterparties and trade repositories.
In Group: European and International Financial Regulation, Introduction, sentence 1
The European Market Infrastructure Regulation (EMIR) is an EU regulation aimed at reducing systemic counterparty and operational risk and thereby preventing future financial system collapses.
View the Source Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Civil Law
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.