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 Cross-Tradition Connections
In Legal System
European Union regulation, applied across member states whose domestic systems are predominantly civil law.
Sources
1. European Market Infrastructure Regulation (Wikipedia)
WikipediaBody text (era)Quote, Body text (era)
The regulation was initially adopted in 2012 and an amended version, the EMIR Refit regulation, was later on adopted in 2019.
1. European Market Infrastructure Regulation (Wikipedia)
WikipediaLead paragraph (promulgated-by)Quote, 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.
1. European Market Infrastructure Regulation (Wikipedia)
WikipediaLead paragraph (jurisdiction-scope)Quote, 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.
1. European Market Infrastructure Regulation (Wikipedia)
WikipediaLead paragraph (regulatory-domain)Quote, 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.
Major Legal Systems in the World Today
Rene David and John E.C. Brierley, Stevens and Sons, 1985In Legal System: Civil Law
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