ARTICLE
17 August 2017

Proposal For EMIR Reform – Targeted Changes With Important Consequences For AIFS, AIFMS And UCITS Management Companies

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Dillon Eustace

Contributor

Dillon Eustace is one of Ireland’s leading law firms focusing on financial services, banking and capital markets, corporate and M&A, litigation and dispute resolution, insurance, real estate and taxation. Headquartered in Dublin, Ireland, the firm’s international practice has seen it establish offices in Tokyo (2000), New York (2009) and the Cayman Islands (2012).
On 4 May 2017, the European Commission (the "Commission") published its proposal to amend the European Market Infrastructure Regulation ("EMIR").
Ireland Wealth Management

Background to EMIR Reform

On 4 May 2017, the European Commission (the "Commission") published its proposal to amend the European Market Infrastructure Regulation ("EMIR"). As readers will be aware, EMIR is the centrepiece of the legislation introduced in the aftermath of the financial crisis and was introduced with ambition of making financial markets safer and more stable. In particular, EMIR seeks to reduce risks to the financial system arising from the entering into of derivatives transactions. EMIR aims to achieve its stated objectives by increasing the transparency of the over-the-counter (OTC) derivatives market and also to mitigate counterparty credit risk and

reduce the operational risk associated with OTC derivatives.

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