Keywords: European Markets Infrastructure Regulation, EMIR, cross-border trades

On 10 April 2014 some of the legislation that provides for the extraterritorial effect of the European Markets Infrastructure Regulation ("EMIR") came into force. The remaining legislation will come into force on 10 October 2014. This update considers the new legislation and the non-EU counterparties to which it applies. It aims to set out in one place all the points that have arisen to date in respect of EMIR's application to non-EU counterparties.

We consider whether some non-EU counterparties might be able to avoid the extraterritorial effect as a result of the EU deciding their jurisdictions have equivalent requirements to EMIR – we look specifically at the US, Japan, Australia, Canada, Hong Kong, India, Singapore, South Korea and Switzerland. But we also question whether one of the consequences of the extraterritorial effect of EMIR might be the disruption of cross-border trades.

In addition, this update outlines the requirements that third country central counterparties and trade repositories must meet in order to remain globally active and service EU counterparties

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