Although the EU regulation on OTC derivatives, central counterparties and trade repositories (EMIR) took effect on 16 August 2012, many further rules – including clearing and reporting requirements - will not come into force until the Commission has adopted these. The Commission approved three implementing technical standards and six regulatory technical standards in December 2012. The implementing technical standards have been published in the Official Journal and took effect on 10 January 2013. The regulatory technical standards are subject to a scrutiny period by the European Parliament and the Council, which ends on 19 February.
On its website, the Commission answers frequently asked questions about the EMIR and its implementation. And the AFM has published a brochure about the consequences of European derivatives legislation and has explained in which situations non-financial parties have to meet EMIR requirements.
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